EV Charging Station Stocks Get Green Light

Electric vehicle charging stocks could accelerate.

All after the U.S. Transportation Department approved EV charging stations for all 50 states, including Washington, D.C. and Puerto Rico to cover 75,000 miles of highway.

“We have approved plans for all 50 States, Puerto Rico and the District of Columbia to help ensure that Americans in every part of the country — from the largest cities to the most rural communities — can be positioned to unlock the savings and benefits of electric vehicles,” Transportation Secretary Pete Buttigieg said.

Better, according to Fortune Business Insights, “Governments worldwide are contributing towards setting up the charging stations. For instance, the Chinese government has approved the development of fast-charging stations by national policies. Similarly, in the United States, the government is offering all its support and funds to develop EV charging stations.”  

With that, investors may want to keep an eye on charging stocks, such as:

Blink Charging (BLNK)

The company just beat on revenue with $11.5 million.  

That was higher than expectations for $8.6 million. 

“Our second quarter results are indicative of the fundamental strengths of our business due to organic growth as well as growth from acquisitions,” stated Michael D. Farkas, Chairman and CEO. “We have launched several new products throughout the first six months of 2022 that address charging demands across the entire EV ecosystem including home, fleet, multifamily and retail locations, which will be excellent additions to our portfolio of available products. In essence, whether we own and operate or sell hardware, Blink strives to deliver best-in-class products and services.”

ChargePoint Holdings (CHPT)

JP Morgan analyst Bill Peterson recently reiterated an Overweight rating on ChargePoint with an $18 price target.  ChargePoint has an “attractive and comprehensive strategy built for the long term” with a recurring revenue model that will continue bearing fruit as electric vehicle adoption reaches a tipping point and achieves mass market penetration across passenger and commercial segments, Peterson said, as noted by TheFly.com.  

EVgo Inc. (EVGO)

The company posted Q2 EPS of six cents, as compared to expectations for a seven-cent loss.

“Our results for the second quarter, together with the milestone EVgo eXtend partnership recently announced, reinforce EVgo’s leadership position in ultra-fast EV charging,” said Cathy Zoi, EVgo’s CEO. “We delivered 10 GWh of network throughput and accelerated customer account additions, demonstrating the growth potential of our business as consumers continue to adopt EVs. As one of the longest running, largest, and most reliable public fast charging operators in the U.S., we could not be more excited about the possibility of accelerating our growth, expanding our partnerships, and helping to enable the wider, faster adoption of EVs across America.”