The Top Penny Stock Today Is Riding the Same Trend as Tesla

Telsa Inc. (NASDAQ: TSLA) is hitting a new high today, nearing the $650 mark. That's an astonishing 248% climb from $185 in May.

But if you missed the big rally over the last few months, don't kick yourself.

The Tesla rally is about a trend much bigger than Tesla. And you could still profit at least 90% from it with our top penny stock today.

That's right; there is more than one electric vehicle company out there ready to break out. And you can buy it for pennies.

Today's penny stock is capitalizing on the electric vehicle trend in a way that most investors will miss early on. So while Tesla fanatics use their profits to buy Tesla cars, you can keep doubling your money.

Sound good?

Why Electric Vehicle Stocks Are Taking Off

One of the most telling signs that electric vehicles are taking over is the surge of EV charging stations. Technavio predicts the EV charging station market will have a compound annual growth rate (CAGR) of 33% between now and 2023.

For perspective, the CAGR of the S&P 500 over the last three years was 15%. So the market for EV charging stations will more than double that.

And we've already seen this growth over the last couple of years.

In May 2019, the U.S. Department of Energy counted more than 20,000 public EV charging stations with over 68,000 connectors. That was up from 16,000 stations and 43,000 connectors in 2017.

But that's only the beginning rumbles of an even brighter future.

WinterGreen Research predicts there will be 400 available electric car models to choose from by 2025. The market is expected to be worth $1.5 trillion by that time. And that's also when 100% of new cars will be electric, making up about 36% of cars on the road.

If that's hard to believe, several well-known automakers are already capitalizing on this trend.

Fiat Chrysler Automobiles NV (NYSE: FCAU) plans to have an electric option for all of their Jeep models by 2022, starting with the Wrangler, Renegade, and Compass this year.

And Ford Motor Co. (NYSE: F) plans to have 16 fully electric vehicles and 40 electrified vehicles in total by 2022. That's including an electric Mustang SUV in 2021.

But those are just the big companies making EVs mainstream.

Our best penny stock today is going to rise from this trend - and quickly. This company is making deals worth more than 90% profit for today's investor...

The Top Penny Stock in the EV Sector

[mmpazkzone name="in-story" network="9794" site="307044" id="137008" type="4"]

Workhorse Group Inc. (NASDAQ: WKHS) is changing the way transportation and package delivery works.

In 2016, it announced an electrically powered pickup truck.

In 2018, it revealed a drone called "SureFly" that could be used for air medical services, military, and even urban commuting.

And in 2019, it bought a 10% stake in the Lordstown Assembly Plant from General Motors Co. (NYSE: GM), with a licensing agreement for Lordstown Motors' W-15 pickup truck.

That's a lot of hands in a lot of major future industries.

Workhorse is still a relatively young company, founded in 1998. It hasn't reached profitability yet, but the next year will take it close.

The stock price has seen its ups and downs in the last decade. But it was typical of growing pains in any industry ahead of its time - the marijuana industry of the last couple years is another good example of this.

Now that electric vehicles and drone delivery are emerging to the mainstream, Workhorse is ready to pop.

You should look at this stock as a great discount right now. Its price fell 10% in December after a joint venture deal with Moog Inc. (NYSE: MOG.A) was initially less profitable than expected. Workhorse sold its SureFly technology to aerial tech company for $4 million, when investors wanted $30 million.

But the fruits of this partnership are yet to be seen in 2020. According to Workhorse, this is a 50/50 joint venture that will help promote its HorseFly aerial delivery system. The company said in a report that Horsefly will help it "tackle new markets and create outcomes that are greater than the sum of its parts."

If Workhorse can get its drone business off the ground, in addition to capitalizing on the electric vehicle revolution, it will have cornered two of the most important markets of the decade.

Lordstown Motor expects to start building trucks for Workhorse by November.

Analysts are targeting 65% earnings growth in the next quarter alone.

But for the year, they're targeting a $5.50 share price. That's more than a 90% gain from today's $2.80.

This Fast Money Move Could Make You $4,238

America's No.1 Pattern Trader is going live on camera to show readers how they can make hundreds, even thousands, of dollars in extra income.

You see, he's found a way to predict the future buying patterns of nearly every stock on the market. And with this trick, he's lining up major payday appointments left and right.

We're talking about cashing in on some of the biggest stocks on the market: Netflix, Apple, Facebook, even Amazon.

The best part is this options trading strategy is super easy to understand and even easier to put into action.

All it takes is three simple steps and a few clicks of your mouse, and you're on your way to what could be life-changing wealth...

Click here to see how he does it.

Follow Money Morning onFacebook and Twitter.