12 Stocks Under $5 With Biggest Upside Potential

4. EVgo, Inc. (NASDAQ:EVGO)

Upside Potential: 132.26%

Stock Price as of January 17: $3.41

Number of Hedge Fund Investors: 17

EVgo, Inc. (NASDAQ:EVGO) is a leader in electric vehicle (EV) charging infrastructure. The company operates a robust network of direct current (DC) fast charging stations across 40 states, making it one of the most extensive and reliable charging networks in the country.

EVgo, Inc. (NASDAQ:EVGO) is concentrating on growing its network of public EV charging stations to meet the rising demand for reliable infrastructure. The company aims to triple its charging network by 2029 and has recently secured a $1.25 billion guaranteed loan from the U.S. Department of Energy (DOE) under the Title 17 Clean Energy Financing Program. This low-cost financing will facilitate the development of approximately 7,500 new public fast-charging stalls nationwide and will increase the company’s total owned and operated stations to at least 10,000 by 2029.

EVgo, Inc. (NASDAQ:EVGO) is also collaborating with major automotive manufacturers, notably General Motors. Together, EVgo, Inc. (NASDAQ:EVGO) and General Motors are building 2,850 DC fast charging stalls, including 400 flagship stalls at key urban destinations across the U.S. These flagship locations will feature up to 20 or more stalls, equipped with advanced 350-kilowatt chargers, pull-through access, canopies, enhanced lighting, and security cameras.

Furthermore, EVgo, Inc. (NASDAQ:EVGO) in partnership with Delta Electronics is co-developing cutting-edge 400-kilowatt fast chargers, slated for deployment in late 2026. This advanced charging technology is expected to enhance user experience and lower capital expenditures (CAPEX) by approximately 30%.