Forget Tesla: 5 Cheap EV Stocks to Buy Now

4. Fisker Inc. (NYSE: FSR)

Number of Hedge Fund Holders: 22   

Price as of August 13, 2021: $15.15

Fisker Inc. (NYSE: FSR)  is placed fourth on our list of 10 cheap EV stocks to buy now. The firm is headquartered in California. It engages in the development and sale of electric vehicles. In earnings results for the second quarter, posted on August 5, the firm reported that cash and equivalents at the end of June were $962 million. The net cash used in operating activities was $28 million and the cash paid for capital expenditures was $0.3 million. The company has a market cap of over $5.3 billion. 

On August 9, investment advisory Morgan Stanley resumed coverage of Fisker Inc. (NYSE: FSR) stock with an Overweight rating and a price target of $40, with a bull case target of $90, identifying the firm as one of the highest rated de-SPAC EV firms. 

At the end of the first quarter of 2021, 22 hedge funds in the database of Insider Monkey held stakes worth $337 million in Fisker Inc. (NYSE: FSR), up from 18 the preceding quarter worth $146 million.