In this article, we discuss the 5 cheap lithium and battery stocks to invest in. If you want to read our detailed analysis of these stocks, go directly to the 10 Cheap Lithium and Battery Stocks to Invest In.
5. ChargePoint Holdings, Inc. (NYSE:CHPT)
Number of Hedge Fund Holders: 18
Real-Time Share Price as of December 14: $21.02
ChargePoint Holdings, Inc. (NYSE:CHPT) provides electric vehicle charging networks. Pasquale Romano, the CEO of the firm, recently said that the firm remains in investment mode and will turn profits as it drives revenue growth and improves margins.
Stifel analyst Stephen Gengaro recently reiterated a Buy rating on ChargePoint Holdings, Inc. (NYSE:CHPT) stock with a price target of $29, appreciating the higher margins in the third quarter earnings results of the firm.
At the end of the third quarter of 2021, 18 hedge funds in the database of Insider Monkey held stakes worth $97 million in ChargePoint Holdings, Inc. (NYSE:CHPT), up from 17 in the preceding quarter worth $149 million.
In its Q1 2021 investor letter, Alger, an asset management firm, highlighted a few stocks and ChargePoint Holdings, Inc. (NYSE:CHPT) was one of them. Here is what the fund said:
“ChargePoint Holdings, Inc. was among the top detractors from performance. ChargePoint provides a network of electric vehicle (EV) charging stations globally. Like equities of many businesses geared to electric vehicles, ChargePoint shares underperformed in the first quarter of 2021 as part of a broad rotation away from high-growth technology companies with limited track records of performance as public companies. Longer term, Charge Point could potentially serve as a bellwether company of the fast growing EV category and we believe it is an attractive way to gain exposure to EV adoption without betting on whether a particular EV brand will win in the marketplace. Additionally, EVs are a massive end market.”
4. Ultralife Corporation (NASDAQ:ULBI)
Number of Hedge Fund Holders: 3
Real-Time Share Price as of December 14: $5.19
Ultralife Corporation (NASDAQ:ULBI) makes and sells electronic systems. In May, the share price of the firm had jumped more than 37% after it nabbed a $168 million contract, with option to extend to $350 million, from the US Army for purchases of Conformal Wearable Batteries.
Ultralife Corporation (NASDAQ:ULBI) has a market cap of $83 million and posted more than $107 million in revenue last year. The company is headquartered in New York and was founded in 1990. It employs over 500 people.
Among the hedge funds being tracked by Insider Monkey, New York-based firm Renaissance Technologies is a leading shareholder in Ultralife Corporation (NASDAQ:ULBI) with 245,758 shares worth more than $1.7 million.
3. Westwater Resources, Inc. (NYSE:WWR)
Number of Hedge Fund Holders: 4
Real-Time Share Price as of December 14: $2.63
Westwater Resources, Inc. (NYSE:WWR) operates as an energy materials developer. One of the premier projects of the firm is the Coosa graphite project that covers almost 41,965 acres situated in the Coosa County of Alabama.
On October 11, the share price of Westwater Resources, Inc. (NYSE:WWR) jumped more than 20% after the board approved $203 million in capital spending to push ahead with an electric vehicle battery plant in Alabama.
At the end of the third quarter of 2021, 4 hedge funds in the database of Insider Monkey held stakes worth $1 million in Westwater Resources, Inc. (NYSE:WWR), the same as in the preceding quarter worth $1.4 million.
2. CBAK Energy Technology, Inc. (NASDAQ:CBAT)
Number of Hedge Fund Holders: 6
Real-Time Share Price as of December 14: $2.04
CBAK Energy Technology, Inc. (NASDAQ:CBAT) makes and sells lithium batteries. The company posted third quarter earnings on November 12, reporting earnings per share of $0.23 and a revenue of $9.6 million.
On November 19, CBAK Energy Technology, Inc. (NASDAQ:CBAT) announced that it had begun operations at a lithium battery manufacturing plant in the Jiangsu province of China that is equipped with an initial annual capacity of 0.7 GWh.
At the end of the third quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $2 million in ACBAK Energy Technology, Inc. (NASDAQ:CBAT), compared to 5 in the preceding quarter worth $1.8 million.
1. Noram Lithium Corp. (OTC:NRVTF)
Number of Hedge Fund Holders: N/A
Real-Time Share Price as of December 14: $0.72
Noram Lithium Corp. (OTC:NRVTF) explores and develops mineral properties. The firm stands to benefit as lithium prices rise along with the demand for EVs and the government spends over $160 billion into EV-related manufacturing in the next few years.
Noram Lithium Corp. (OTC:NRVTF) has a market cap of $53 million. It was founded in 2010 and is based in Canada. One of the premier projects of the firm is the Zeus Lithium Project located in the Clayton Valley of Nevada.
Noram Lithium Corp. (OTC:NRVTF) stock seems undervalued given that many top automakers are now striking partnerships with lithium producers as they ramp up EV and EV battery manufacturing to keep up with the surging demand.
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