10 Best Penny Stocks to Buy for 2025

2. EVgo, Inc. (NASDAQ:EVGO)

Stock Upside Potential: 90.98%

Number of Hedge Fund Holders: 17

EVgo, Inc. (NASDAQ:EVGO) is a unique retail company that owns and operates a direct current fast charging network for electric vehicles (EVs). It offers electricity directly to drivers, who access its publicly available networked chargers, original equipment manufacturer charging and related services. It is one of the best penny stocks to buy for 2025 amid the electric vehicle revolution in the auto industry.

As more electric cars hit the road, EVgo stands to be one of the biggest beneficiaries owing to its robust charging station network. The stock is up by over 24% in 2024, affirming strengthened investors’ confidence about its long-term prospects. The rally comes on the company securing a conditional commitment of a $1.05 billion loan guarantee from the Department of Energy.

The $1.05 billion paves the way for EVgo, Inc. (NASDAQ:EVGO) to accelerate the expansion of its EV charging network. While the company already has over 1,000 fast-charging locations across 40 states, it is well poised to strengthen its revenue base with the expansion drive. EVgo’s long-term prospects have also been boosted by signing a strategic partnership with grocery retailer Meijer. The deal paves the way for the deployment of 480 new public fast-charging stalls at Meijer properties.

In the third quarter, the company opened 270 new stalls, and the amount of work they handled more than doubled. EVgo, Inc. (NASDAQ:EVGO) also reported a 92% year-over-year revenue increase as it raised its full-year revenue guidance to between $250 million and $265 million, affirming underlying growth.