Are These Best EV Charging Stocks To Buy Now?
Electric vehicle charging stocks are a type of publicly traded stock that focuses on businesses involved in the development and deployment of electric vehicle charging infrastructure. This includes companies that manufacture charging equipment, develop software and applications for managing charging networks, and operate public charging stations. Notably, some of the more popular EV charging companies among stock market investors are names like EVgo, Inc. (NASDAQ: EVGO) and Wallbox N.V. (NYSE: WBX) to name a couple.
Also, EV charging stocks offer investors exposure to the growth of the electric vehicle market, which is expected to experience significant growth in the coming years. While there are risks associated with investing in electric vehicle charging stocks, they offer the potential for high returns as the electric vehicle market expands in the present and future.
With that, the rise of Electric Vehicles (EVs), there has been a corresponding increase in demand for EV charging infrastructure. This has created opportunities for investors in EV charging stocks. While there are many little-known companies in this space, there are a few standouts that are worth paying attention to. Here are three EV charging stocks to watch in the stock market today.
EV Charging Stocks To Watch Today
Tesla, Inc. (TSLA) is an American automotive and energy company based in Palo Alto, California. The company specializes in electric vehicles, renewable energy storage, and solar panel manufacturing. In regards to electric vehicle charging, Tesla has over 35,000 supercharge stations worldwide. This makes them the largest owner and operator of fast charging networks globally. Just last month, the company completed a 3-for-1 stock split, which now prices TSLA stock at $307.25 as of Thursday morning’s trading session.
What’s more, in July, Tesla announced stronger-than-estimated second quarter 2022 financial results. Despite, Tesla referring to the second quarter as a “tough quarter”. This is because of things like having to shut down its plants in China, and ongoing global supply shortages. The company reported revenue in Q2 of $16.9 billion. This reflects revenue growth of 42% on a year-over-year basis. Additionally, they reported a 57% increase in adjusted earnings per share to $2.27. Next, TSLA reported its operating income came in at $2.5 billion in the second quarter, which shows improvement year-over-year.
Meanwhile, shares of Tesla stock are still down over 23% since the start of 2022. Given this strong quarter and the increasing demand for electric vehicles, do you think now is a good time to buy Tesla stock?
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ChargePoint Holdings (CHPT)
After that, let’s take a look at ChargePoint Holdings, Inc (CHPT). In brief, the company is an electric vehicle (EV) charging network and technology company. ChargePoint operates the world’s largest EV charging network, with over 100,000 public and private charging stations across the globe. The company offers a suite of charging solutions for businesses, including office and retail properties, multi-unit dwellings, parking garages, and municipalities. What’s more, ChargePoint also manufactures EV charging hardware, including its proprietary ChargePoint Technology Platform that powers its network.
At the end of last month, ChargePoint announced its second quarter fiscal year 2023 financial results. In the report, the company reported a loss of $0.22 per share, along with revenue of $108.3 million. For clarity, analysts’ consensus estimates were a loss of $0.20 per share and a revenue of $103.8 million. These revenue figures represent a 93.0% increase during the same period, the previous year. Additionally, in the release, ChargePoint provided guidance on the third quarter. In detail, the company said its estimated Q3 revenue in the range of $125.0 million to $135.0 million. Chargepoint also reaffirmed that estimates fiscal year revenue of $450 million to $500 million.
Pasquale Romano, President, and CEO of ChargePoint commented in their letter to shareholders, “ChargePoint delivered another strong quarter, with continued growth across all verticals and geographies. We continue to execute on our strategy, as demand continues to grow for our portfolio of industry-leading charging solutions for every vertical and in both North America and Europe.” In the last six months of trading, shares of CHPT stock have rebounded by over 27%. On Thursday morning, ChargePoint stock is up over 8% and currently trading at $19.78 per share. Keeping this into consideration, will you be adding ChargePoint to your EV charging stocks watchlist?
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Blink Charging Co. (BLNK)
Next, Blink Charging Co. (BLNK) a provider of electric vehicle (EV) charging equipment and services. The company has a network of more than 23,000 Blink EV charging stations across the United States. Also, its Blink Mobile app provides access to Blink’s charging network and allows customers to pay for charging sessions. Aside from that, the company also offers home EV chargers and commercial EV charging solutions. Early last month, Blink Charging reported its second quarter 2022 financial results.
In the report, Blink reported a loss of $0.41 per share on revenue of $11.5 million in the second quarter. This represents revenue growth of 164% in Q2 compared to $4.4 million during the same period in 2021. The company contributes to the growth of this quarter to come from its organic growth in hardware and network services, as well as the completion of the acquisition of SemaConnect. In brief, the SemaConnect acquisition adds over 12,800 active chargers and over 150,000 registered users to Blink’s portfolio.
Michael D. Farkas, Chairman, and CEO of Blink Charging Co had this to say in his release to shareholders, “Our second quarter results are indicative of the fundamental strengths of our business due to organic growth as well as growth from acquisitions. We provide unparalleled flexibility and support to our site hosts through a variety of business models and advanced hardware solutions. 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.” Shares of BLNK stock are still down over 15% year-to-date. Though, over the last 5 trading days, BLNK stock has rebounded over 5% as of Thursday’s mid-morning trading session at $22.84. With this in mind, will you be keeping BLNK on your radar of stocks to watch today?