EVgo Inc EVGO electrified investors by securing a $1.25 billion Department of Energy (DOE) loan guarantee.
EVgo stock price has bounced back this year, helped by its balance sheet improvement and its growing business. It has soared by about 300% from its lowest level in May, and was trading at $6.60.
EV charging stocks hit the brakes in November, down 21% over the past month, trailing both broader market indices and the EV sector average.
Initiating coverage on EVgo with a “Buy” rating, citing strong Q3 2024 results and potential for growth in the EV charging sector. EVgo reported a 92% year-on-year revenue growth and significant margin expansion, with a positive outlook for operating cash flows and capital investment. The impending DOE loan approval and achieving EBITDA breakeven in 2025 are key catalysts for EVGO's stock price appreciation.
As sustainable investing faces mixed signals heading into 2025, select stocks are well-positioned to benefit from ESG catalysts.
The end of the year, a typically bullish period for the S&P 500 Index (SPX), is quickly approaching.
The electric vehicle charging stock could skyrocket if this happens.
The looming threat of the removal of the clean energy tax credit has rattled some, but JPMorgan analyst Bill Peterson says EVgo Inc. EVGO is set up for success.
Why Electric Vehicle Stocks Were on Fire on Monday
EVgo, Inc. reported Q3 '24 earnings with a 92.4% y/y sales increase but still faces inefficiencies and profitability challenges, leading to a hold rating. The company's gross margins improved to 9.4%, and it holds $153.4m in cash with zero debt, positioning it well for growth. EVgo's future expansion includes a potential $1B loan guarantee and plans to build 7,500 high-powered charging stalls over five years.
EVgo, Inc. (NASDAQ:EVGO ) Q3 2024 Earnings Conference Call November 12, 2024 8:00 AM ET Company Participants Heather Davis - VP, IR Badar Khan - CEO Paul Dobson - CFO Conference Call Participants Bill Peterson - J.P. Morgan Andres Sheppard - Cantor Fitzgerald Craig Irwin - Roth Capital Partners Christopher Dendrinos - RBC Capital Markets Chris Pierce - Needham & Company William Grippin - UBS Operator Thank you for standing by.