10 Most Oversold Penny Stocks to Buy According to Analysts

6. EVgo, Inc. (NASDAQ:EVGO)

Price: $2.40

6-Month Performance: -44.83%

Number of Hedge Fund Holders: 37

Analyst Upside Potential: 181.25%

EVgo, Inc. (NASDAQ:EVGO) is a leading provider of electric vehicle charging infrastructure and services, focusing on public fast charging networks and transportation electrification solutions. The company operates over 1,100 fast charging stations across 40 US states, offering DC fast chargers and AC Level 2 chargers.

On March 12, analyst Bill Peterson of J.P. Morgan maintained a Buy rating on the stock, with a price target of $5. Peterson noted that EVgo, Inc. (NASDAQ:EVGO) is expected to be the first EV charging company to achieve positive EBITDA, driven by its network expansion and partnerships with automakers and rideshare operators. The company has partnerships with GM, Tesla, and Uber. Moreover, the company’s charging infrastructure supports all major EV models, including Tesla vehicles without adapters, enhancing accessibility and market appeal. Peterson also likes the company’s prudent capacity additions aligned with rising utilization rates, ensuring readiness for future demand. Management has expressed confidence in the $1.25 billion Department of Energy loan, which could accelerate network growth and reduce costs per stall.

The stock of EVgo, Inc. (NASDAQ:EVGO) has fallen more than 44% over the past six months, however, analysts expect an upside of 181% in the next 12 months. It is one of the most oversold penny stocks to buy according to analysts.