3 Electric Vehicle Stocks Under $10 Wall Street Predicts Will Rally by 40% or More

Rising demand due to better performance and government incentives, and increasing fuel prices should drive electric vehicles (EVs) sales in 2022. EV stocks have soared on hype this year, and investors are betting big now because next year should see…

actual revenue generation, with some of the companies commencing the delivery of vehicles. Furthermore, automakers are investing increasingly in this space to meet the rising demand. The global electric vehicle market is expected to reach $812.89 billion by 2028, registering a 19.8% CAGR.

In addition, the gradual easing of the semiconductor shortage, improvements in battery technology, lower costs, improving charging infrastructure, and more attractive models from manufacturers will likely boost EV sales. Edmunds analysts expect 15.2 million new cars to be sold in 2022.

Given this backdrop, we think it could be worth adding electric vehicle stocks Hyzon Motors Inc. (HYZN – Get Rating), Lordstown Motors Corp. (RIDE – Get Rating), and Kandi Technologies Group, Inc. (KNDI – Get Rating) to one’s watchlist because Wall Street analysts expect these under-$10 stocks to rally more than 40% in price in the near term.

Click here to checkout our Electric Vehicle Industry Report 

Hyzon Motors Inc. (HYZN – Get Rating)

Incorporated in 2020, HYZN in Honeoye Falls, N.Y., is a global supplier of zero-emissions hydrogen fuel cell-powered commercial vehicles, including heavy-duty trucks, buses, and coaches. The company is in the early stages of designing its SuperH2Truck, a hydrogen-powered truck with a fuel cell optimized chassis. HYZN serves shipping and logistics companies, retail customers with distribution networks, mining, and port equipment manufacturers and operators.

This month, HYZN agreed with Geesinknorba to be its exclusive vendor for zero-emission trucks. The companies should provide accessible, robust, and easy-to-use solutions through this agreement. Both HYZN and Geesinknorba’s expertise will provide this solution to fleet operators across Europe.

For its third quarter, ended September 30, 2021, HYZN’s revenue came in at $962,000. The company’s net income was $31.25 million, compared to a net loss of $556,000. Its EPS was  $0.13 during the period.

HYZN’s revenue increased 492.2% year-over-year to $179.9 million in its fiscal 2022. Its EPS is expected to grow 22.4% in the current year. The stock has surged 7.9% in price over the past five trading days.

Closing the last trading session at $7.08, the average analyst price target of $12.8 represents an 80.8% potential upside.

Lordstown Motors Corp. (RIDE – Get Rating)

RIDE is an automotive company that designs and manufactures Endurance, an electric pickup truck for fleet customers. The Lordstown, Ohio-based company is an original equipment manufacturer (OEM), and it is In-Wheel Drive System utilizes four hub motors with…

 

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