11 Most Promising Penny Stocks According to Analysts

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6. EVgo Inc. (NASDAQ:EVGO)

Share Price as of April 15: $2.71

Number of Hedge Fund Holders: 37

Average Upside Potential as of April 15: 139.85%

EVgo Inc. (NASDAQ:EVGO) owns and operates a direct current fast-charging network for EVs in the US. It offers electricity directly to drivers, OEM charging & related services, fleet & rideshare public charging services, and commercial charging. It also provides ancillary services, such as charging data integration, loyalty programs, microtargeted advertising, and charging reservations.

In 2024, the company’s Public Charging Network business made $155.7 million in revenue, which was an improvement of 110% year-over-year. This growth is linked to increased usage by EV drivers. The average daily energy dispensed per public charger rose by 37% year-over-year. The utilization rate of EVgo’s public chargers reached 24% in Q4 2024, which was up 19%.

In the last 3 months of 2024, EVgo added a record 480 new charging stalls, which contributed to a total of 1,200+ new stalls added throughout the entire year. This brought the total operational public charging infrastructure to more than 4,000 stalls. This expansion also included the deployment of faster 350-kilowatt chargers, which now power 50% of EVgo’s charging locations. EVgo Inc. (NASDAQ:EVGO) plans to install an additional 800 to 900 new public charging stalls in 2025.

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