Top 10 Penny Stocks That Will Skyrocket

4. EVgo, Inc. (NASDAQ:EVGO)

Price: $2.76

Analyst Upside Potential: 135.51%

Number of Hedge Fund Holders: 37

EVgo, Inc. (NASDAQ:EVGO) is an electric vehicle charging solutions company in the United States. It focuses on building and operating public fast-charging networks and related infrastructure to support the mass adoption of EVs.

On March 18, Gabriel Daoud, an analyst from TD Cowen, maintained a Buy rating on the stock with a price target of $5. Daoud highlighted that EVgo, Inc.’s (NASDAQ:EVGO) management effectively addressed concerns about the Department of Energy loan, emphasizing its stability. The loan is backed by tangible assets and consistent cash flows, reassuring investors about its reliability. Moreover, the company is pursuing additional non-dilutive financing to complement the DOE loan, which strengthens its financial position and extends its operational runway.

EVgo, Inc. (NASDAQ:EVGO) achieved significant growth and operational milestones in the fourth quarter of 2024. The fiscal fourth-quarter revenue reached $67.5 million, marking a 35% year-over-year increase. The revenue was driven by the Charging network segment which hit $46.5 million, reflecting a 73% year-over-year growth. Analysts expect more than 135% upside for the stock making it one of the top penny stocks that will skyrocket.