3 EV Charging Stocks to Turn $5,000 Into $1 Million: December 2023
Electric vehicle (EV) demand is expected to accelerate, which should fuel further upside for EV charging stocks.
According to the International Energy Agency (IEA), EVs could account for about 35% of new vehicles sold globally by 2030. That’s a sharp improvement from its initial forecast for EVs to make up less than a quarter. While impressive, the lack of charging stations is a major roadblock. In fact, that has been one of many reasons for lower EV adoption.
Right now, we have about 100,000 charging stations in the U.S., according to the Department of Energy. While that may sound impressive, it’s not enough to meet the demand for two million EVs on U.S. roads today. Officials can dream about roads full of EVs all they want. But if we don’t have the EV charging infrastructure, there’s a problem.
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That said, investors may want to consider investing in these top EV charging stocks.
EV Charging Stocks: ChargePoint (CHPT)
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The last time I mentioned ChargePoint (NYSE:CHPT), I said, “While ChargePoint’s chart has been a disaster, don’t write it off. If the U.S. is serious about EV sales, it must build out a massive network of charging stations, including CHPT.”
That was on Dec. 4, as CHPT traded at $2.09. Now up slightly at $2.33, I’d still like to see it refill its bearish gap around $3 a share initially. And, again, I’d just buy it and forget about it for now. While the company did produce another bad quarter, with sales down 12%, there was good news. For one, it just appointed a new CEO, Rick Wilmer.
And two, Wilmer just told investors he believes CHPT can do considerably better in the fourth quarter. As noted in a release, it’s “firmly committed to delivering positive non-GAAP adjusted EBITDA in the fourth quarter of calendar year 2024.”
EVgo (EVGO)
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I also mentioned EVgo (NASDAQ:EVGO) on Dec. 4, when it traded at $3.34. While it hasn’t moved much since then, it has been consolidating around $3.03. From here, I’d like to see EVGO retest $4 a share in the near term. Helping, the company posted better than expected earnings, with an EBITDA loss of $14.2 million on sales of $35.1 million — better than expected.
The company also raised its fiscal year 2023 revenue guidance to a range of $148 million to $158 million. That’s higher from its initial range of $120 million to $150 million.
Blink Charging (BLNK)
Source: David Tonelson/Shutterstock.com
Blink Charging (NASDAQ:BLNK) recently ran from about $2.50 to a high of $4.50. And while it did pull back to $2.95, it could easily retest that former higher of $4.50 again soon.
That happened after it posted revenue of $43.38 million, as compared to expectations of $30.29 million. It was also up 152% year over year. Plus, BLNK posted an EPS loss of 16 cents, which was also better than expectations. It then raised guidance, targeting EBITDA breakeven in the new year.
The company “raised its 2023 revenue guidance to $128M to $133M vs. a prior outlook for $110M to $120M, and said it targets being on an adjusted EBITDA break-even run rate in December of 2024,” noted Seeking Alpha.
On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.
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