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Top 3 EV Penny Stocks to Buy in 2024

Top 3 EV Penny Stocks to Buy in 2023
Bogdan Stojkov

Summary: In this guide, we introduce the top 3 EV penny stocks to buy this year, which are poised for growth in the electric vehicle market. The most convenient way to buy these stocks is through a reputable brokerage platform, such as eToro.

Highly Rated Stock Trading & Investing Platform

  • Invest in 2,800+ stocks and other assets including 70+ cryptocurrencies and commodities.

  • 0% commission on buying stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

What are EV penny stocks?

Electric vehicle (EV) penny stocks refer to shares of companies within the EV sector that are traded at relatively low prices, typically below $5 per share. These stocks are often associated with smaller companies or startups involved in various aspects of the electric vehicle industry, such as manufacturing, charging infrastructure, or innovative technologies.

Best 3 EV penny stocks to buy this year

After thorough research, we’ve come up with our top 3 EV penny stocks picks:

  • ChargePoint, Inc. (NYSE: CHPT);
  • Ideanomics (NASDAQ: IDEX);
  • SOLO (NASDAQ: SOLO).

ChargePoint, Inc.

ChargePoint is a leading player in the electric vehicle charging infrastructure market. As the demand for electric vehicles continues to rise, the need for efficient and widespread charging solutions becomes paramount. The company operates a network of charging stations, serving both individual EV owners and businesses. Its strategic partnerships and expansion plans position it well for sustained growth in the rapidly evolving EV landscape.

ChargePoint stock price today

Ideanomics

Ideanomics focuses on transformative industries, including electric vehicles and renewable energy. The company operates through multiple business divisions, with a key emphasis on commercial electric vehicle solutions. The company has made strategic investments and acquisitions in companies involved in electric vehicle manufacturing, charging infrastructure, and fleet management. This diversified approach, therefore, makes Ideanomics an intriguing player in the EV sector.

Ideanomics stock price today

SOLO

An electric vehicle manufacturer, SOLO stands out with its unique approach to urban mobility. The company produces single-passenger electric vehicles designed for the modern urban lifestyle. SOLO’s compact and energy-efficient vehicles target a niche market, providing an innovative solution to urban congestion and environmental concerns. Furthermore, as the demand for eco-friendly transportation options grows, SOLO’s market potential becomes increasingly promising.

SOLO stock price today

Where to buy EV penny stocks

Investing in EV penny stocks is made convenient through online brokerage platforms, and our preferred choice is eToro. This is a renowned platform with widespread popularity with over 30 million registered accounts, which stands out for its robust features, such as:

  • Commission-free stock trading;
  • Access to over 2,000 stocks from 17 different exchanges;
  • The option to purchase fractional shares;
  • A user-friendly platform that simplifies the trading experience.

Highly Rated Stock Trading & Investing Platform

  • Invest in 2,800+ stocks and other assets including 70+ cryptocurrencies and commodities.

  • 0% commission on buying stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Pros and cons of investing in EV penny stocks

Pros

Pros

  • High growth potential: The electric vehicle industry is experiencing rapid growth, presenting substantial opportunities for investors;
  • Affordability: Penny stocks are often more affordable, allowing investors with limited capital to participate in the market;
  • Innovation: Many EV penny stocks represent innovative companies at the forefront of technology and sustainability.
Cons

Cons

  • High risk: Penny stocks are more volatile and carry higher risk due to their lower price and smaller market capitalization;
  • Lack of stability: Smaller companies may lack the stability and financial strength of larger, more established counterparts;
  • Market manipulation: Penny stocks are susceptible to manipulation, and investors should be cautious of pump-and-dump schemes.

If you’re interested in buying EV stocks, you can check out our other guides:

Common mistakes to avoid when buying stocks

Failing to conduct thorough research on a company before investing is a common mistake. Namely, understanding the company’s financials, business model, and growth potential is crucial; however, it’s not the only one. You should also keep in mind:

  • Overlooking risks: Investors should be aware of the risks associated with penny stocks, including volatility, liquidity concerns, and the potential for significant price fluctuations;
  • Chasing performance: Investing based solely on past performance can be a pitfall. It’s essential to consider the long-term prospects of a company rather than being swayed by short-term gains;
  • Ignoring diversification: Instead of putting all investments into a single stock or sector, which can expose investors to significant losses if that sector experiences a downturn, you should diversify your stock portfolio to help mitigate risk.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about the top 3 EV penny stocks to buy

Are EV penny stocks a good investment?

EV penny stocks can offer high returns, but they come with higher risk. It’s crucial to carefully research and consider your risk tolerance before investing.

How do I buy EV penny stocks?

You can buy EV penny stocks through online brokerage platforms such as eToro. Nevertheless, you should conduct thorough research and choose a platform that aligns with your investment goals.

What factors should I consider when selecting EV penny stocks?

Consider factors such as the company’s financial health, growth potential, and market trends. Diversification is also important to spread risk across different investments.

What are penny stocks?

Penny stocks refer to shares of small companies that trade at a relatively low price, usually below $5, and are typically associated with higher volatility and can offer significant returns, but they also come with higher risk.

Are penny stocks riskier than regular stocks?

Yes, penny stocks are generally considered riskier than regular stocks due to their lower share prices, smaller market capitalization, and higher volatility. Investors should, therefore, be aware of the potential for larger price swings and increased susceptibility to market manipulation.

Highly Rated Stock Trading & Investing Platform

  • Invest in 2,800+ stocks and other assets including 70+ cryptocurrencies and commodities.

  • 0% commission on buying stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

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