With soaring interest rates and market turbulence, you might not be happy with the way your portfolio looks right now. But this is also a time to make smart moves and bag top stocks while they are trading at a discount.
Despite the volatility in the stock market, electric vehicle charging stocks continue to attract attention.The push toward electric vehicles and incentives for buyers has brought the EV industry to the center stage. Electric cars will continue to gain popularity, and the demand for charging stations will increase in the years ahead.
To make the most of the current situation, investors should not only focus on EV stocks but also on EV charging stocks. This includes companies engaged in building charging stations, electric motors and batteries. Here are the top four most undervalued EV charging stocks to buy.
ChargePoint (CHPT)
One cannot talk about EV charging without mentioningChargePoint(NYSE:CHPT). The company has the largest online network of EV stations and operates across 14 countries. It creates technology that is used to power the network and monitors and maintains the charging stations as part of its subscription-based product line. CHPT stock is trading at about $16 a share and has a market cap of $5 billion.
Interestingly, the company has recentlysigned an agreementto see the installation of hundreds of charging stations at condominiums and apartment complexes across California. It will bring close to $4.5 million for ChargePoint.
You can power yourTesla (NASDAQ:TSLA) at a ChargePoint location if you have a Tesla adapter. The company allows you to power up your car wherever and whenever you go. Its fundamentals are impressive and the company managed to more than double revenue year over year to hit$81.6 million. With the high penetration of EVs in the country, there will be a rise in the demand for charging stations and this is where ChargePoint Holdings will make all the difference.
CHPT stock is trading at a discount and could be a solid long-term play.
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