Are These The Best EV Charging Stocks To Buy Right Now?
If you’re an investor looking to gain some exposure to the electric vehicle (EV) industry in the stock market, investing in EV charging stocks could be the move for you. EV charging stations essentially serve as the electric equivalent to gas stations. After all, for EVs to take off, infrastructure to support the EV revolution would be critical. And by investing in the infrastructure, one does not have to worry about changes in consumer preferences over EV brands. And although many EV charging stocks have seen better days, now could be a good time to pick up these stocks while they’re trading at lower valuations.
Helping to further the EV push is grocery retailer Kroger (NYSE: KR). The company is expanding its stations by collaborating with Blink Charging, Electrify America, EVgo, Tesla (NASDAQ: TSLA) and Volta (NYSE: VLTA). This collaboration will ultimately bring hundreds of charging stations to stores across the U.S. At the moment, more than 350 chargers have been implemented at select Kroger stores across the U.S. by the end of the year, several more chargers are expected to reach more states in the country. With that being said, here are four EV charging stocks to watch in the stock market today.
EV Charging Stocks To Watch Right Now
- EVgo Inc. (NASDAQ: EVGO)
- Blink Charging Company (NASDAQ: BLNK)
- ChargePoint Holdings Inc. (NYSE: CHPT)
- Beam Global (NASDAQ: BEEM)
Starting us off today is EVgo. The company claims to have the largest public fast-charging network in the U.S. Furthermore, it uses 100% renewable energy to power its charging stations. The company has over 800 fast-charging locations that serve over 65 metropolitan areas across 35 states. On top of that, the company claims that more than 130 million people in the U.S live within a 10-mile drive of an EVgo fast charger. Impressively, the company’s charging stations boast a charge time of between 15 to 45 minutes.
Recently, EVgo and General Motors (NYSE: GM) announced the availability of Plug and Charge for GM EVs with DC fast-charging capability on the EVgo network. This enables GM EVs to begin charging in seconds, without the need to open a mobile app or swipe a card. This expanded partnership will include Ultium-platform vehicles such as the GMC Hummer and Cadillac Lyriq, in addition to older models such as the Chevrolet Bolt and Bolt EUV. Through this move, the two companies offer their customers a seamless and convenient EV experience. As such, should you buy EVGO stock?
Blink Charging is a company that provides EV charging equipment and charging services. Blink’s principal line of products and services includes its Blink Network and EV supply equipment. For a sense of scale, the company currently operates over 30,000 charging ports across 18 countries. In addition, its charging stations are linked via its global network, allowing users to conveniently charge at any of its locations worldwide. BLNK stock has been under pressure for the past year, declining by over 50% during the period. Could things be turning around upon the following news?
Last week, the company announced that it has closed its acquisition of SemaConnect. For those unfamiliar, SemaConnect is a leading provider of EV charging infrastructure solutions in North America. This $200 million transaction will add nearly 13,000 EV chargers, 3,800 site host locations, and more than 150,000 registered EV driver members to its network. Through this strategic acquisition, Blink will be the only EV charging company to offer complete vertical integration from R&D and manufacturing to EV charger ownership and operations. Given this news, would you invest in BLNK stock?
Following that, we have ChargePoint. For those unfamiliar, this is a company that develops and markets networked EV charging system infrastructure while providing cloud-based services. As part of its networked charging systems, it provides an open platform that integrates with system hardware from various EV companies and manufacturers. Hence, it can provide real-time information about charging sessions. Like many other stocks in the industry, CHPT stock has also tumbled more than 50% over the past year.
Earlier this month, ChargePoint announced a new partnership with the National Electrical Contractors Association (NECA). Through the partnership, ChargePoint and NECA will develop training programs for its electrical contractor members who install EV charging infrastructure. Anthony Harrison, senior director of North American policy for ChargePoint, said, “Together with NECA, ChargePoint is ensuring electrical contractors have the technical expertise needed to further accelerate deployment of EV charging infrastructure and enable charging everywhere drivers live, work, and play.” Not to mention, B. Riley analyst Christopher Souther recently initiated coverage on ChargePoint with a buy rating, citing the company’s market share and brand. He set a $20 stock price target, suggesting an upside of more than 25% from current levels. Considering this, will you be watching CHPT stock?
Last, but not least, we have Beam. For the most part, Beam is a company that focuses on creating products for EV charging infrastructure. Besides that, it also creates outdoor media advertising, energy security, and disaster preparedness. The company’s Electric Vehicle Autonomous Renewable Charger (EV ARC) generates and stores its energy and supports direct current fast charging. BEEM stock has fallen by nearly 60% over the past year. Could now be a good time to buy on dips?
Last month, the company posted its fiscal first-quarter financial results. Getting into it, Beam managed to generate its highest quarterly revenue in the company’s history. Specifically, it pulled in $3.8 million, marking a 175% increase over the same period last year. Not only that, the company’s system deliveries were also 250% higher than the year before. During the quarter, Beam also closed its acquisition of All Cell Technologies, an energy storage leader. This strategic acquisition is expected to secure vital battery supply, reduce battery costs for Beam, and increase company revenues. With things looking up for the company, should you add BEEM stock to your portfolio?