What happened

After five consecutive trading days that ended in the red, the S&P 500 and Dow Jones Industrial Average were both in the green Tuesday morning. In particular, electric vehicle (EV) stocks, were driving forward.

As of 11:17 a.m. ET, shares of EV-maker Lucid Group (LCID 5.46%) were up 4.9%, while Blink Charging (BLNK 2.86%) and ChargePoint (CHPT -1.47%) had climbed 4.7% and 6.8%, respectively.

So what

It's no wonder why investors are opting to hitch a ride with Lucid. Seeing considerable upside, Cantor Fitzgerald has initiated coverage on the EV stock, assigning it an overweight rating and a $23 price target. That price target implies an upside of 64% relative to the $14.06 where Lucid closed Monday.

And Cantor Fitzgerald's analyst isn't the only optimist here. On Sept. 15, Citigroup resumed its coverage on Lucid with a buy rating and an even more auspicious price target: $28. The jump in Lucid's stock Tuesday, therefore, may not solely have come in response to Cantor Fitzgerald's action; instead, Main Street investors may be recognizing that there's a growing consensus among Wall Street analysts that Lucid's stock is likely to race higher.

With regards to Blink Charging and ChargePoint, there was no company-specific news about either that would have helped explain the stocks' rises. Instead, investors are likely reacting to an announcement from Hertz and BP. Those two companies have signed a memorandum of understanding on a deal under which BP Pulse -- BP's global electrification and charging solution brand -- will develop a nationwide EV-charging infrastructure for Hertz customers. The rental car giant claims to operate the largest rental fleet of electric vehicles in North America.

While Blink Charging and ChargePoint won't directly benefit from the collaboration between BP and Hertz, investors are undoubtedly recognizing the announcement as evidence of the growing adoption of EVs, leading them to surmise that similar deals may occur in the future.

Operating in both the U.S. and international markets, Blink Charging has a portfolio of 51,000 chargers and more than 423,000 registered users. ChargePoint offers drivers in North America and Europe more than 200,000 ports where they can recharge their EVs.

Now what

It's little shock that investors are responding so enthusiastically to the bullish coverage from Cantor Fitzgerald -- especially when it's viewed together with the coverage from Citigroup earlier this month. Still, investors need to recognize that the analysts haven't provided time horizons for these price targets. Oftentimes, analysts' price targets are for relatively short-term time frames -- a year or 18 months -- as opposed to the long-term holding periods that the Motley Fool favors. In addition, there are valid concerns about Lucid's ability to produce vehicles in quantity in 2022.

Those who may be weighing investments in Blink Charging and ChargePoint, moreover, should first take a deeper look at the companies' businesses. Both have consistently failed to generate profits from their EV-charging endeavors, suggesting that investors who park these stocks in their portfolios may be taking a notable risk.