5 Most Promising EV Stocks to Buy According to Analysts

3. Hyliion Holdings Corp. (NYSE:HYLN)

Analyst Upside: 87.89%

Hyliion Holdings Corp. (NYSE:HYLN) is among the Most Promising Stocks.

On May 19, Hyliion Holdings Corp. (NYSE:HYLN) said the U.S. Navy’s Office of Naval Research, working with DARPA, selected the USX-1 Defiant as a candidate test vessel for the company’s KARNO technology. Hyliion said ONR is funding the initial sea trials through a development program to advance KARNO Cores for onboard power generation on US Navy vessels.

Later, on June 10, Needham initiated coverage of Hyliion Holdings Corp. (NYSE:HYLN) with a Buy rating. The firm gave a $9 price target on the shares. Analyst Sean Milligan said the corporation could transition from development to commercialization of its KARNO power module over the next 12 months. He also noted that KARNO’s fuel flexibility, low emissions, quiet operation, electrical efficiency, and lower maintenance needs could make it “a disruptor within bring-your-own power end markets.” It gives Hyliion a strong position as commercialization moves upward.

Hyliion Holdings Corp. (NYSE:HYLN) develops sustainable electricity-producing technology. It provides modular power plant technology that can operate on various fuel sources through the KARNO power module.