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

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

Backed by policy support and technological advancements, strong EV charging station buying stocks are poised for growth

Strong buy stocks for EV charging are a great way to invest in a fast-growing market, which is expected to grow 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, while Chinese fast chargers will make up more than 85% of all fast chargers in the world. To facilitate accessibility, the EU requires fast chargers every 60 kilometers along the main transport routes.

The Biden-Harris administration also supports the construction of EV infrastructure through NEVI. More charging network projects are getting the green light in Colorado, Pennsylvania and Virginia to make them easier to access and more reliable.

It is expected that 13.3 million battery electric cars will be sold worldwide by 2024, accounting for 16.2% of all private vehicle sales. All told, even as customer demand for EVs declines, more money is being invested in infrastructure, with a focus on charging networks, making this the ideal time to invest in these three strong stocks for buying EVs, all with more than 50% upside.

Wall box (WBX)

An iPhone screen with the Wallbox logo (WBX) on it in front of a computer screen.

Source: Wirestock Creators /

Wall box (NYSE:WBX) is one of the best buy stocks for EV charging. Analysts predict an average price target of $4.5, which represents 238% upside potential from the last closing price of $1.33, reflecting strong revenue growth and an expanded product portfolio for WBX.

Successful product launches helped Wallbox generate €43.1 million in the first quarter of 2024, an increase of 23% compared to last year. Over the previous quarter, gross margins improved by 600 basis points to 39.6%. Wallbox delivered 37,500 AC and 320 DC units worldwide this 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

In addition to the financial data, Wallbox introduced numerous new items at Power2Drive Europe in Munich. The Quasar 2, a bi-directional charger for energy transmission from vehicle to home or via the electricity grid, was a highlight. The Supernova 150 and Supernova 180 fast chargers, which improve charging efficiency and EV compatibility, were also on display.

Wallbox has also officially launched the Supernova 180 DC fast charger. This new charger, which will deliver 180 kW of power, is aimed at the North American market and represents Wallbox’s third generation fast charger.

ChargePoint Holdings (CHPT)

Selective focus.  Detail of ChargePoint commercial electric vehicle charging station in an outdoor parking lot.  CHPT shares

Source: Michael Vi /

ChargePoint Holdings’ (NYSE:CHPT) global network to distribute over one terawatt hour of energy by 2023, demonstrating rising demand for EV charging and cementing its place among the strong EV charging buying stocks.

To continue growing, ChargePoint has raised $232 million to reach profitability by the fourth quarter of 2025. It has raised $175 million from institutional investors through its at-the-market offering facility and $57 million in the third quarter of fiscal 2024.

On the product side, ChargePoint and Scheidt and Bachmann launched the first OCPI-compliant payment terminal. This terminal complies with the new EU charging rules for electric vehicles and accepts payments for up to 99 chargers at a time. It also works with many AC and DC charging stations.

In addition, ChargePoint collaborates with Porsche Autos North America to improve Porsche Charging and aims to provide Porsche EV owners with easy access to ChargePoint’s vast charging station network.

On the financial side, ChargePoint earned $130 million in the first quarter of fiscal 2025, up 59% year over year. Gross margin increased to 23% GAAP and 25% non-GAAP. The company lost $48 million in adjusted EBITDA

ChargePoint has raised $232 million to help it reach its goal of making money by 2024. This money will allow the company to extend the age of its notes and increase the cash coupon rate, giving it more financial freedom.

Blink Charging Co. (BLNK)

a blink charging station, BLNK stock

Source: David Tonelson/

Blink Charging Co. (NASDAQ:BLNK), a unique honor among EV charging strong buy stocks, is the official provider of grid services and EV chargers for New York State. BLNK has already partnered 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 charging services to US government organizations.

On the product side, Blink is finalizing the design of a 240 kW DC fast charger with NACS and CCS connections. Silicon carbide technology powers this charger, which meets the global demand for fast and flexible EV charging. Additionally, Blink is adding previous SemaConnect chargers to its global network, improving drivers’ EV charging experience.

Blink also collaborates with Mobile Motor Company And Electric age to bring advanced DC fast charging to dealers. This makes charging at car showrooms easier.

Finally, BLNK is also performing on the bottom line, with revenue growing a record 73% in the first quarter of 2024 to $37.6 million, along with an increase in gross profit and a decrease in operating expenses. Analysts rate BLNK highly and expect an increase of 114%.

As of the date of publication, Faizan Farooque had no positions (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to Publication Guidelines.

Faizan Farooque is a contributing author for and numerous other financial sites. Faizan has several years of experience 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 about their portfolio.