5 Cheap Lithium Stocks to Buy Now

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In this article, we discuss the 5 cheap lithium stocks to buy now. If you want to read about some more lithium stocks available at bargain prices, go directly to 10 Cheap Lithium Stocks to Buy Now

5. ChargePoint Holdings, Inc. (NYSE:CHPT)

Number of Hedge Fund Holders: 19 

Real-Time Share Price as of April 18: $15.25 

ChargePoint Holdings, Inc. (NYSE:CHPT) provides EV charging networks and related solutions. The firm has recently partnered with Toyota to offer customers home and public EV charging solutions. As part of the deal, customers of new EVs made by Toyota will be offered the option to purchase a ChargePoint charger directly at Toyota dealerships. The firm has also partnered with software firm Gatik to develop an electric ecosystem for autonomous vehicles. Antara Capital recently invested $300 million in the firm to support growth initiatives. 

On March 29, Stifel analyst Stephen Gengaro maintained a Buy rating on ChargePoint Holdings, Inc. (NYSE:CHPT) stock with a price target of $32, noting that a new partnership of the firm with Goldman Sachs Renewable Power was a positive catalyst for the shares. 

At the end of the fourth quarter of 2021, 19 hedge funds in the database of Insider Monkey held stakes worth $94 million in ChargePoint Holdings, Inc. (NYSE:CHPT), up from 18 in the preceding quarter worth $97 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. (NYSE:CHPT) 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 Holdings, Inc. (NYSE:CHPT) 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, ChargePoint Holdings, Inc. (NYSE:CHPT) 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.”

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