Forget Tesla: 5 Cheap EV Stocks to Buy Now

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

Number of Hedge Fund Holders: 24 

Price as of August 13, 2021: $25.18

ChargePoint Holdings, Inc. (NYSE: CHPT) is ranked third on our list of 10 cheap EV stocks to buy now. The firm is based in California and markets charging solutions for electric vehicles. On August 11, as part of a plan to expand in Europe, the firm announced that it had purchased ViriCiti, a Netherlands-based electric fleet manager, for close to $88 million. The Dutch firm is the largest electric solutions provider for commercial fleets in the region. The firm stands to benefit from an EU plan to phase out the internal combustion engine by 2035. 

On July 29, investment advisory DA Davidson initiated coverage of ChargePoint Holdings, Inc. (NYSE: CHPT) stock with a Buy rating and a price target of $30, noting that the firm owned the largest active charging port count in North America and had an emerging presence in Europe. 

At the end of the first quarter of 2021, 24 hedge funds in the database of Insider Monkey held stakes worth $207 million in ChargePoint Holdings, Inc. (NYSE: CHPT).