Wall Street Favorites: 3 EV Charging Stocks With Strong Buy Ratings for February 2024


EV Charging Stocks - Wall Street Favorites: 3 EV Charging Stocks With Strong Buy Ratings for February 2024


The electric vehicle (EV) market’s growth may be heading toward a slowdown in 2024, but the companies providing the charging infrastructure for EV are likely to be resilient. The electric vehicle charging market happens to be one of the fastest-growing segments in the transportation sector. Consumer preferences are tilting toward EVs rather than the normal combustion engine cars, and supportive government policies coupled with advances in battery technology will continue to drive transformation in the space. Therefore, despite an EV slump, there are many long-term incentives to continue building infrastructure for the future of driving. this includes buying EV charging stocks.

Investors looking to benefit from the growth of EVs infrastructure look into these three “Strong Buy” rated EV charging stocks.

Top EV Charging Stocks: Allego N.V. (ALLG)

A close-up shot of an electric vehicle plugged into an Allego (ALLG) charger.

Source: szmuli /

Founded in 2012, Allego (NYSE:ALLG) is a Netherlands-based EV-charging company offering solutions for electric cars and heavy-duty vehicles such as buses and trucks. In essence, Allego provides charging solutions for private businesses to create EV charging infrastructure for consumers. Thus far, Allego has amassed a vast charging network of more than 34,000 charging points across Europe. To help its customers service the Allego charging stations, Allego also offers an EV Cloud Platform.

Also, ALLG reported an impressive Q3 print in mid-November. In particular, revenue increased 28.2% to €28.6 million ($30.2 million), compared to € 22.39 million ($21.8 million) YOY. Moreover, as of October, Allego recorded more than 1 million monthly sessions across its charging network. Toward the end of November, Allego also reported a successful pilot test of its charging station geared toward EV trucks and other heavy-duty vehicles to expand its horizons.

The company’s E.U.-focus on building electric vehicle infrastructure sets it apart from other charging networks and could lead to extraordinary success as the region adopts new energy products.

Allego’s shares are currently down nearly 27% on a year-to-date basis. Still, the company has received a “Strong Buy” rating from Wall Street analysts, and this may be the time to invest into a company with such a growing platform.

NaaS Technology (NAAS)

Solid State Battery for EV Electric Vehicle, new research and development batteries with solid electrolyte energy storage for automotive car industry, cathode. 3d illustration. Top Battery Stocks to Buy

Source: Just_Super /

NaaS Technology (NASDAQ:NAAS) is a one-stop shop for EV charging solutions. The China-based electric vehicle charging platform not only offers hardware charging solutions, but also SaaS solutions. NaaS Technology’s SaaS include mobility connectivity services, which help to boost the visibility of charging stations and connects end-users with charging stations best suited for their vehicle. The company’s hard solutions include procurement, station construction and maintenance, and customer support.

From a financials perspective, NaaS is experiencing tailwind growth. The EV charging platform increased charging volume by 49% on a year-over-year basis, and NaaS expects full-year 2023 revenue to increase between 254% and 256% on a year-over-year basis.

The company is trading just under $2/share, which could make the platform a decent long-term bet as EVs increase in adoption across China.


Close-up of BYD (BYDDY) logo on red car, symbolizing BYDDY stock

Source: Finkelsen

BYD‘s (OTCMKTS:BYDDY) growth in China and abroad appears unmatched at this point in time. Last year, BYD became the world’s top EV maker in 2023, trouncing its American rival Tesla in electric vehicle sales. In Q4 2023, BYD sold 526,409 electric vehicles, while Tesla sold 484,507. Despite an EV slowdown, BYD is still increasing its sales year-over-year. In particular, in January 2024, the company sold 205,588 electric vehicles, up 33.1% Y/Y, but down more than 34% monthly. The Chinese EV maker was not the only large electric vehicle company to report a month-over-month decline in sales growth.

Still, the Chinese EV giant’s growth cycle hasn’t peaked yet. Outside of expanding its influence in the EV market, BYD has made moves to develop EV charging infrastructure in China and abroad. The Chinese automaker has created a number of charging hubs with Shell (NYSE:SHEL) in both Europe and China. Recently, BYD has announced a partnership with Brazilian sugar and ethanol firm Raizen to build 600 charging stations across six different cities in Brazil.

BYD has received a “Strong Buy” rating from Wall Street, and the stock trades at 14.4 times forward earnings, making a possible investment even more enticing.

On the date of publication, Tyrik Torres did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Tyrik Torres has been studying and participating in financial markets since he was in college, and he has particular passion for helping people understand complex systems. His areas of expertise are semiconductor and enterprise software equities. He has work experience in both investing (public and private markets) and investment banking.


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