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

Stocks to buy

Strong buy EV charging stocks are a great way to invest in a fast-growing market, expected to rise 35.6% from $22.45 billion in 2024 to $257 billion in 2032.

By 2023, fast chargers will make up more than 35% of the growing public charging infrastructure, with Chinese fast chargers make up more than 85% of all fast chargers in the world. In order to make things easier to access, the EU requires fast chargers every 60 kilometers along major transport routes.

The Biden-Harris government also supports the building of EV infrastructure through NEVI. More charging network projects are greenlit in Colorado, Pennsylvania, and Virginia to make them easier to access and more reliable.

It’s expected that 13.3 million battery-electric cars will be sold around the world in 2024, making up 16.2% of all private vehicle sales. All things considered, even though customer demand for EVs is going down, more money is being invested in infrastructure, with a focus on charging networks, which makes this the ideal time to invest in these three strong buy EV charging stocks, all with more than 50% upside.

Wallbox (WBX)

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Wallbox (NYSE:WBX) is one of the best strong buy EV charging stocks. Analysts project an average price target of $4.5, representing a 238% upside potential from the last close of $1.33, reflecting strong sales growth and an expanded product portfolio for WBX.

Successful product introductions helped Wallbox generate €43.1 million in the first quarter of 2024, up 23% from last year. Over the previous quarter, gross margins improved 600 basis points to 39.6%. Wallbox supplied 37,500 AC and 320 DC units worldwide in the quarter. The North American introduction of the Supernova 180 DC fast charger and Pulsar Pro increased these statistics.

Wallbox continues to add the German EV charging company ABL, which helped them by giving them more ways to sell their products. WBX received $26 million from Washington to install EV chargers in residential complexes.​

Apart from its financials, Wallbox introduced numerous new items at Power2Drive Europe in Munich. The Quasar 2, a bidirectional charger for vehicle-to-home or grid energy transmission, was a standout. The Supernova 150 and Supernova 180 fast chargers, which improve charging efficiency and EV compatibility, were also shown.

Wallbox also officially launched the Supernova 180 DC fast charger. This new charger, which will provide 180 kW of power, targets the North American market and represents Wallbox’s third-generation fast charger.

ChargePoint Holdings (CHPT)

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ChargePoint Holdings’ (NYSE:CHPT) worldwide network distributed over one terawatt-hour of energy in 2023, showing rising EV charging demand and cementing its place among strong buy EV charging stocks.

To keep growing, ChargePoint has raised $232 million to reach profitability by the fourth quarter of 2025. It raised $175 million from institutional investors via its “at-the-market” offering facility and $57 million in Q3 FY2024.

On the product end, ChargePoint and Scheidt & Bachmann launched the first OCPI-compliant payment terminal. This terminal meets new EU EV charging rules, accepts payments for up to 99 chargers at once. It also works with many AC and DC charging stations.

In addition, ChargePoint partners with Porsche Cars North America to improve Porsche Charging and seeks to provide Porsche EV owners easy access to ChargePoint’s massive charging station network.

On the financial end, ChargePoint earned $130 million in the first quarter of fiscal year 2025, a 59% year-over-year increase. Gross margin rose to 23% GAAP and 25% non-GAAP. The firm lost $48 million in adjusted EBITDA.​

ChargePoint raised $232 million to help it reach its goal of making money in 2024. With this money, the company will be able to extend the age of its notes and raise the cash coupon rate, giving it more financial freedom.

Blink Charging Co. (BLNK)

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Blink Charging Co. (NASDAQ:BLNK), in a unique honor among strong buy EV charging stocks, is the official supplier of network services and EV chargers for the State of New York. BLNK already works with Mack Trucks, the City of Miami Beach, and Allegiant Stadium to offer EV charging options.

At the same time, based on its “In Process” FedRAMP status, Blink will soon be able to offer cloud-based EV charge services to U.S. government organizations.

On the product side, Blink is finalizing the design of a 240kW DC Fast Charger with NACS and CCS connections. Silicon carbide technology powers this charger, which addresses the worldwide demand for rapid and flexible EV charging. Additionally, Blink is merging previous SemaConnect chargers into its worldwide network, improving drivers’ EV charging experience.

In addition, Blink is partnering with Moberly Motor Company and Electric Era to bring advanced DC fast charging to dealerships. This will make it easier to charge at car showrooms.

Finally, BLNK is also performing on the bottom line, with sales growing by a record 73% in the first quarter of 2024, to $37.6 million, along with a rise in gross profit and a drop in running costs. Analysts rank BLNK highly and expect 114% upside.

On the date of publication, Faizan Farooque 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 InvestorPlace.com Publishing Guidelines.

Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.

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