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These 2 Electric Vehicle Stocks Under $10 are Expected to Double, According to Wall Street

Despite short-term challenges, the electric vehicle industry’s growth prospects look promising thanks to increasing demand and favorable government policies to phase out fossil fuel-run vehicles. Given this backdrop, Wall Street analysts expect low-priced EV stocks Electric Last Mile (ELMS) and Workhorse Group (WKHS) to more than double in the upcoming months.

Amid the ongoing semiconductor chip shortage, the electric vehicle (EV) industry is expected to take some time before operating at full capacity. Meanwhile, Gartner analysts predict that carmakers will upgrade equipment and computers to extend existing vehicles' lives to satiate the overwhelming demand. Moreover, 50% of the top 10 car makers are predicted to design their chips by 2025, boosting the industry’s growth.

In addition, the recently announced EV Charging Action Plan by the Biden-Harris-Administration is generating a lot of positive investor sentiment. According to a Calibre Research report, the global EV market size will likely grow at a CAGR of 27.1% to reach 33,946 thousand units by 2029.

Given this backdrop, EV stocks Electric Last Mile Solutions, Inc. (ELMS) and Workhorse Group Inc. (WKHS), currently trading under $10 per share, could be solid additions to your watchlist. Wall Street analysts expect these stocks to double in the near term.

Electric Last Mile Solutions, Inc. (ELMS)

ELMS, a commercial EV solutions company, designs, engineers, manufactures, and customizes electric last-mile delivery and utility vehicles. Its first vehicle, the Urban Delivery, is the first Class 1 commercial EV in the U.S. market. 

On November 4, 2021, ELMS and EVgo Inc. (EVGO) announced a partnership that combines best-in-class charging solutions with zero-emissions commercial EVs. Jonathan Ballon, the Chief Strategy and Digital Officer of the company, said, “EVgo’s fleet portfolio and growing nationwide presence of public Level 2 and DC fast charging makes them an ideal partner to deliver on our shared customers’ expectations as they build out their EV fleets.”

ELMS completed the launch and initial deliveries of the ELMS Urban Delivery, the first Class 1 commercial electric vehicle in the U.S., to become a revenue-generating company. ELMS’ revenue came in at $136,000 for the fiscal third quarter ended September 30, 2021. The company’s cash and cash equivalents came in at $143.15 million, for the period ended September 30, 2021, compared to $25.2 million for the period ended December 31, 2020. Also, its total assets came in at $385.98 million, compared to $25.24 million, for the same period.

The stock has gained 13.8% since hitting its 52-week low of $6.43 on October 6, 2021, to close yesterday’s session at $7.32. Wall Street analysts expect the stock to hit $15.33 in the near term, which indicates a potential upside of 109.4%.

Workhorse Group Inc. (WKHS)

Technology company WKHS designs, manufactures, builds, and sells battery-electric vehicles and aircraft in the United States. The company also develops cloud-based, real-time telematics performance monitoring systems.

On November 9, 2021, WKHS CEO Rick Dauch said, “With the strong industry fundamentals and tailwinds we have in our sector, I am optimistic that Workhorse will be prepared to deliver the best-in-class vehicles for the commercial electric vehicle market starting in 2023.”

For the third quarter ended September 30, 2021, WKHS’ net loss decreased 3.6% year-over-year to $81.11 million. Its cash, and cash equivalents came in at $230.42 million, for the period ended September 30, 2021, compared to $46.82 million, for the period ended December 31, 2020. Moreover, its total current assets came in at $327 million, compared to $290.59 million, for the same period.

Analysts expect WKHS’ revenue to grow 1,300.8% year-over-year to $17.37 million in fiscal 2022. Its EPS is estimated to increase 69.2% in the next year. The stock has gained 12% since hitting its 52-week low of $4.51 on December 6, 2021, to close yesterday’s trading session at $5.05. Wall Street analysts expect the stock to hit $10.50 in the near term, which indicates a potential upside of 107.9%.


WKHS shares were trading at $4.90 per share on Thursday afternoon, down $0.15 (-2.97%). Year-to-date, WKHS has declined -75.23%, versus a 25.69% rise in the benchmark S&P 500 index during the same period.



About the Author: Riddhima Chakraborty

Riddhima is a financial journalist with a passion for analyzing financial instruments. With a master's degree in economics, she helps investors make informed investment decisions through her insightful commentaries.

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