With more people buying electric vehicles, there’s been substantial demand for accessible EV charging stations.
While we aren’t near the 500,000 EV charging stations the Biden Administration wants installed, we are seeing investments from public and private institutions. All of which will lead to further expansion, which will help drive EV charging stocks higher.
Helping, automakers, including BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz and Stellantis want to create a network of 30,000 new EV charging stations across North America. Even BP said it will invest $1 billion in EV charging across the U.S. by 2030 to meet demand for Hertz EV rentals.
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With the growing need, keep an eye on EV charging stocks such as: Analysts at Benchmark just raised their price target on EVGO to $5 from $3, with a buy rating. Momentum is “driven by increased charging network utilization and a recent positive shift in market sentiment,” they added, as quoted by Barron’s. Even better, in May, CEO Badar Khan bought 125,000 shares of EVGO stock for about $251,250, as it traded at $2.01. Now, up to $3.71, he’s doing well. |
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Company: Beam Global (SYM: BEEM) The company just said it saw new second-quarter orders of $10.6 million, a 128% year-over-year improvement. Over half of those new orders were from U.S. commercial businesses. Even better, BEAM shipped its first EV ARC systems to Cyprus for the UK Ministry of Defense, which helped it expand its European footprint. Plus, as CEO Desmond Wheatley noted, “We continue to be debt-free, have sufficient cash on hand, and have access to an untapped one-hundred-million-dollar line of credit.” |
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Company: Blink Charging (SYM: BLNK) While BLNK isn’t profitable just yet, its profitability picture is improving and it is expecting to see positive adjusted EBITDA this year. We’ll also get a better idea of what’s happening at BLNK when the company posts second-quarter earnings on Aug. 7. |
