10 Most Volatile Stocks Under $3 For Day Trading

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1. EVgo, Inc. (NASDAQ:EVGO)

Number of Hedge Fund Holders: 37

EVgo, Inc. (NASDAQ:EVGO) is a leading electric vehicle (EV) charging infrastructure company in the United States. It operates a network of fast-charging stations for electric vehicles, providing both public and fleet charging solutions. EVGO’s network supports various EV models and aims to accelerate the adoption of electric vehicles by providing convenient, accessible, and reliable charging options. The company generates revenue through charging fees, network access subscriptions, and partnerships with automakers and businesses. It is focused on expanding its charging infrastructure to support the growing demand for EVs as part of the transition to cleaner transportation.

EVgo, Inc. (NASDAQ:EVGO) delivered strong financial results in Q4 and the full year 2024, with total revenue growing 60% YoY to $257 million. The company’s core charging network revenues more than doubled, increasing 110% to $155.7 million. EVGO achieved record operational stall additions, ending 2024 with 4,080 stalls, a 37% increase over 2023. Network utilization improved significantly, reaching 24% in Q4 2024, up from 19% a year ago. The company made substantial progress on profitability, with the charging network gross margin expanding to 37.6% in 2024, up from 26% in 2023.

EVgo, Inc. (NASDAQ:EVGO) secured a $1.25 billion loan guarantee from the Department of Energy, ensuring funding to more than triple its installed base over the next 5 years. The company is making strides in improving customer experience, with 50% of EVGO stalls now served by higher power 350-kilowatt chargers. The company is also focusing on operating efficiencies, achieving a 9% reduction in gross CapEx per stall for current-generation chargers in 2024. Looking ahead, management expects 2025 revenues in the range of $340 million to $380 million and anticipates reaching adjusted EBITDA breakeven. The company is well-positioned to benefit from the growing electric vehicle market, with a resilient business model that can adapt to various market scenarios.

Overall EVgo, Inc. (NASDAQ:EVGO) ranks first on our list of the 10 most volatile stocks under $3 for day trading. While we acknowledge the potential of EVGO as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than EVGO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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