With the rally in the stock market last week, the Dow Jones Industrial Average hit an all-time high of over 30,000. This comes from optimism by investors on the progress of coronavirus vaccines from big biotech stocks like AstraZeneca (AZN Stock Report), and Regeneron (REGN Stock Report). Also, news that the transition for President-Elect Joe Biden has officially started. Yes, tech stocks are amid the constituents of the Dow Jones index, so these stocks played a big role in the recovery of the stock market from March’s lows.
Is the worst of 2020 finally coming to an end? In hindsight, the stock market continues to defy all odds and continues to push higher. Will this momentum carry forward into this week’s trading session? All things considered, here are 3 trending stocks to watch in the stock market tomorrow.
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First up on the list is a top EV charging stock Blink Charging (BLNK Stock Report). Month to date BLNK stock is up an impressive 241.04%, closing Friday’s trading session at $28.00. If you have been a reader of StockMarket.com, you may know that we started covering Blink Charging back in June Since then, BLNK stock price has increased by over 400%. At the beginning of the year, BLNK stock was trading around $1.30 per share. According to the company, Blink Charging operates a network of almost 15,000 electric vehicle charging stations as of December 31. With the rapid rate of the adoption of EVs, it’s not a shock that the company has been benefiting. In its third-quarter earnings, the company reported a 74% increase in sales year-over-year.
On November 24th, the company announced it has acquired the EV charging operator U-Go Stations, Inc. Along with the acquisition comes U-Go Station’s portfolio of 44 DCFC charging locations, as well as multiple grants that were awarded to U-Go, that will go to help deploy 45 new charging stations across 10 states. This is will expand the companies DCFC footprint within the United States.
With global electric vehicle purchases projected to increase to 10 million vehicles by 2025 Blink Charging has established key strategic partnerships for rolling out adoption across numerous location types. EV users need charging stations whichever make and model they drive, which can play a huge factor in Blink’s long-term success. With all that said, is BLNK stock on your list of top stocks to watch tomorrow?Best Stocks To Watch Tomorrow: Electrameccanica Vehicles Corp
Next up on the list, is another top electric vehicle stock, ElectraMeccanica Vehicles Corp. (SOLO Stock Report). The company is not like traditional EV vehicle manufacturers. The Vancouver based company makes three-wheel electric vehicles, similar to a motorcycle. Though, the vehicle fully covered and drives like a car with a steering wheel and foot pedals.
While vehicles with three wheels have been around, they are not exactly popular by any measure. But you could say the same about electric cars. The concept of electric vehicles has been around for centuries. But things are finally caught traction due to higher quality batteries. At the beginning of November SOLO stock was trading between the $2.80 – $3.00 per share range on average. On Friday’s trading session SOLO closed the trading day at $8.27 a share, gaining 195.35% month-to-date.Electrameccanica Vehicles Corp: What To Watch
If you’re an investor and this is the first time you’ve heard about this company, it’s important to add that SOLO currently has more than 64,000 preorders for its SOLO EV. The revenue reflecting these preorders is near $2 billion. In the company’s most recent third-quarter earnings on November 10th, ElectraMeccanica reported it has started production and successfully delivered the first shipment of SOLO Ev’s within the United States. The company also announced that its initial concepts for the utility and fleet version of the SOLO EV are expected to become available early next year.
“The third quarter of 2020 brought with it a number of key milestones for Electra Meccanica but none more notable than the start of production for our flagship SOLO EV,” commented Company CEO Paul Rivera. “Beginning last month we started shipping the first production SOLOs and have already been putting them to use in high-value commercial activities including marketing, retail distribution, test drives, and fleet demonstrations.”
Obviously, there is no guarantee that all 64,000 preorders will translate into actual sales numbers. I’m not factoring in cancellations if people dislike the final product. Nevertheless, the whole EV industry has seen an incredible rally this month. The question is, can SOLO stock continue its rally in the stock market this week?Best Stocks To Watch Tomorrow: Plug Power
Last on the list is one of the best renewable energy stocks to watch in the stock market today, Plug Power (PLUG Stock Report). PLUG has been one of the most buzzing stocks on Wall Street this month. Plug Power manufactures zero-emission fuel cell products that help generate electricity. The company focuses on economically viable and sustainable power solutions. They have a wide range of customers from automotive to data centers. Year to date PLUG stock price has enjoyed a 709.87% increase since trading at $3.24 a share on January 2nd, to closing Friday’s trading session at a whopping $26.24 a share. Month-to-date the company’s share price is up 69.61%.Plug Power: What To Watch
Plug Power reported its most recent quarterly earnings earlier this month, and the company did not disappoint. The company reported revenues totaled at $107 million, an 80% increase from $59.5 million a year earlier. “We remain focused on building the green hydrogen economy in an electrified world,” the company stated. “The improvement” in Q3 was “driven by growth in sales, ongoing cost reductions, and the increasing leverage on operating costs.”
Last week, The company announced it raised nearly $1 billion dollars to help speed up the First Nationwide green Hydrogen Network. This is the company’s largest capital raise to date, and it will allow the company to execute and accelerate its green hydrogen strategy. Plug Power said it would be working with strategic partners to build five hydrogen plants in the U.S. The company has started work on the design phase of the first two plants and expects to complete them by the end of 2022. With all five to be operational by 2024. With that in mind, should investors be on the lookout for PLUG stock to continue to move higher in the stock market tomorrow?