Crisis may soon become an opportunity for EV charging stocks. One may recall when Rockefeller’s oil empire faced the threat of electrification back in the late 19th century, and today, a similar transformation may be brewing.
EVgo: Revving Up Growth
One of the top EV charging stocks to buy is EVgo (NASDAQ:EVGO). After hitting a recent high and then dipping back, EVGO is back in the buying lane. Despite being caught in a downward trend, catalysts for growth are revving up in the electric vehicle market.
Earnings have been accelerating too. EVGO’s recent quarter showcased sales of $50 million, a significant leap from the $27.3 million recorded a year earlier. According to CEO Badar Khan, “EVgo had a fantastic 2023 as we relentlessly focused on customer experience, a digital-first approach, and station development, resulting in revenue growth that nearly tripled.”
Blink Charging: Powered by Optimism
Another prominent EV charging stock to consider is Blink Charging (NASDAQ:BLNK). Despite facing resistance at a double-top level and experiencing a recent dip, optimism about the company’s potential remains high. With the expectation of achieving positive EBITDA by the end of the year, Blink Charging is on the radar of many investors.
President and CEO Brendan Jones highlighted that total revenue for Blink grew by an impressive 130% compared to the previous year, a whopping 671% rise over 2021. Furthermore, Blink Charging secured partnerships with key clients such as the United States Postal Service and Mack Trucks, signaling a bright future ahead.
Beam Global: Lighting Up Innovation
Beam Global (NASDAQ:BEEM) is another player in the EV charging sector that investors should keep an eye on, especially after a recent dip in its stock price. With a new patent from the U.S. Patent Office covering its wireless charging technology, Beam Global is illuminating the path for innovative charging solutions.
CEO Desmond Wheatley emphasized the significance of the new patented technology, highlighting that it simplifies the charging process for drivers. In addition to securing multi-million dollar deals with Homeland Security and the U.S. Army, Beam Global’s expansion into Europe through the acquisition of a Serbian streetlight company positions it for further growth in the region.
As investors look ahead, the potential for Beam Global’s stock to rally back to higher levels is apparent. The company’s commitment to innovation and strategic partnerships bodes well for its long-term performance.
While historical context reminds us of past industry disruptions and transformations, the current landscape offers a unique opportunity to ride the wave of EV charging stocks poised for growth.