3 Penny EV Stocks to Buy for a 50% Rally From Oversold Levels

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These are the penny EV stocks that can surge by 50% before the end of the year. Solid Power (SLDP): Its continued progress towards commercialization of solid-state batteries is backed by strong ...

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It’s not just about macroeconomic headwinds or intense competition. There are growing doubts about the adoption of EVs, and automotive majors have scaled back on their investment plans.\nWhile there are concerns, the markets have overreacted on the downside. That has created opportunities for buying EV stocks at a valuation gap. In my view, even the slightest of positives will translate into a big rally from oversold levels for EV stocks. This column focuses on penny EV stocks likely to surge higher in the next few quarters.\nIn my view, potential rate cuts can be a catalyst for EV stocks trending higher. Lower interest rates will support global GDP growth and will likely be positive for the sector. Further, crude is trending higher on geopolitical tensions coupled with the expectation of easy money policies. Higher oil prices can potentially encourage consumers to shift towards EVs.\nLet’s talk about three penny EV stocks that can surge higher in the blink of an eye.\nSolid Power (SLDP)\nSource: T. Schneider / Shutterstock.comRecently, Solid Power (NASDAQ:SLDP) traded above $2. However, there has been a renewed correction and SLDP stock trades at $1.6. That correction is on the back of weak industry sentiments. I believe this is a good time to accumulate, and a 50% upside from current levels is likely before the end of 2024.\nAs an overview, Solid Power has been working towards commercializing solid-state batteries. The company has collaborated with automotive partners, including Ford (NYSE:F) and BMW (OTCMKTS:BMWYY). As a matter of fact, Solid Power has licensed its cell design and technology to BMW for parallel research and development. Further, the company has strong ties with SK On. That will likely help make inroads into the Korean market.\nIn October 2023, Solid Power shipped A-1 cells to automotive partners for validation testing. For the current year, the focus is on A-2 sample cells with the core objective of producing safer and high-performance cells. With ample liquidity and steady business progress, it’s a matter of time before SLDP stock surges higher.\nWallbox (WBX)\nSource: Wirestock Creators / Shutterstock.comAmong the EV charging stocks, Wallbox (NYSE:WBX) looks undervalued and poised for a strong reversal rally. It’s worth noting that WBX stock has plunged 58% in the last 12 months, and sentiments seem negative. However, my business view is backed by positive business metrics.\nIt’s worth noting that for Q4 2023, Wallbox reported revenue growth of 34% on a year-on-year (YoY) basis to 43.3 million euros. The company’s adjusted EBITDA improved by 54% YoY. Wallbox believes 2024 will be “a year of growth and profitability.” If this translates into numbers in the coming quarters, WBX stock could skyrocket.\nLast year, Wallbox acquired ABL, the leading EV charging company in Germany. With the acquisition, the company added almost 143 million euros of cash to its balance sheet. That provides flexibility for pursuing aggressive growth. At the same time, the company launched several new products. Those includes Pulsar Pro, Supernova 150 and Supernova 180. A broader portfolio is another catalyst for accelerated growth.\nNio (NIO)\nSource: Freer / Shutterstock.comNio (NYSE:NIO) stock has plunged almost 60% in the last 12 months. The downside has been on the back of poor business and financial metrics. However, NIO stock seems oversold and is poised for a strong reversal rally. I must emphasize here that I consider the stock as a trading bet rather than a long-term investment.\nIn terms of positives, there are two points to note. First, Nio plans to commence deliveries of ES7, ET7 and ET5 in Q2 2024. That is likely to help accelerate deliveries growth in the coming quarters and potentially into 2025.\nFurther, in December 2023, the company received a $2.2 billion strategic equity investment from CYVN. That has boosted the total cash buffer to $8.1 billion. With a strong cash position, Nio is positioned to continue investing in growth. At the same time, with a focus on cost-cutting, key margins will likely improve. NIO stock is, therefore, expected to rally from deeply oversold levels.\nOn Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.\nRead More: Penny Stocks — How to Profit Without Getting Scammed\nOn the date of publication, Faisal Humayun did not hold (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 InvestorPlace.com Publishing Guidelines.\nFaisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.Penny Stocks\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2024/04/3-penny-ev-stocks-to-buy-for-a-50-rally-from-oversold-levels/.\n©2024 InvestorPlace Media, LLC","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428839653"}