11 Best EV Charging Stocks To Invest In

7. EVgo, Inc. (NASDAQ:EVGO)

Number of Hedge Fund Holders: 11

EVgo, Inc. (NASDAQ:EVGO) is a significant player in the U.S. EV fast-charging market, with over 1,000 fast charging locations across 35 states. It was established in 2010 as part of a settlement involving NRG Energy and the California Public Utilities Commission, and has evolved significantly over the years. It is one of the best EV charging stocks with over 1 million customers across the US.

In its second quarter, EVgo (NASDAQ:EVGO) reported an EPS of -$0.10, which outperformed the estimates by $0.02 and its revenue of  $66.6 million was up 31.6% year-over-year. The company also raised the midpoint of its revenue guidance by $10 million at $240 to $270 million.

On August 6, The Fly reported that Stifel analyst Stephen Gengaro adjusted the price target for EVgo’s (NASDAQ:EVGO) stock to $6 from $7 while maintaining a Buy rating. The update came after the company reported solid second-quarter results, driven by higher utilization of its charging stations and increased operational efficiency. The analyst expects these positive trends to continue, which could help the company in reaching its target of becoming EBITDA positive by 2025. Despite the reduced price target, the firm still views the company as its “favorite charging name.”

In the second quarter, 11 hedge funds held EVgo (NASDAQ:EVGO) shares worth $16.53 million. Israel Englander’s Millennium Management is the company’s most prominent shareholder with 1.8 million shares, worth $4.43 million, as of June 30.