Check Out These 4 EV Charging Stocks In The Stock Market Today

Despite the recent weakness among electric vehicle (EV) stocks, there’s no doubt that this is a growing segment of the stock market today. For instance, legacy automakers such as Ford (NYSE: F) and General Motors (NYSE: GM) have been aggressive in electrifying their fleets. And they’re so confident that they are paying cash to make EVs the next vehicle of choice for American consumers. Considering the significant investments toward the EV space, the need for a robust charging infrastructure to support this growing market is clear.

Therefore, it would make sense for investors to put up a list of top EV charging stocks to buy in the stock market. EV charging stations are crucial to any EV. As a matter of fact, they could be the next generation of gas stations. Seeing that more and more EV start-ups are entering the market, many believe that this could be just the start of the EV revolution.

As EV sales continue to grow, EV charging stocks are likely to grow alongside. However, it remains to be seen which EV charging players will be the winner over the long term. With EV charging stocks potentially becoming hot commodities over the next decade, here are four to watch in the stock market this week.

Top EV Charging Stocks To Buy [Or Avoid] Now

Starting off our list, we have Blink Charging. As you may have guessed from its name, the company is a provider of EV charging equipment and charging services. Blink’s principal line of products and services includes its Blink Network and EV supply equipment (EVSE). For a sense of scale, the company currently operates over 30,000 charging ports across 13 countries. In addition, its charging stations are linked via its global network, allowing users to conveniently charge at any of its locations worldwide. 

Earlier last week, Blink announced that it is deploying EV chargers at General Motors dealerships in the U.S and Canada. Blink will be supplying its IQ 200 Level 2 chargers to participating GM dealerships. Besides that, Blink will be working with facility solutions provider ABM Industries (NYSE: ABM), which will deliver turnkey EV charging installations. In other news, Blink reported its latest quarter earnings in November, with a record revenue up by 607% year-over-year. The company also contracted or sold 3,016 charging stations, an increase of 351% from the prior year. With that being said, would you consider investing in BLNK stock?

BLNK stock
Source: TD Ameritrade TOS

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Spanish company Wallbox went public in October last year following its merger with a special purpose acquisition company. In brief, Wallbox creates EV charging and energy management systems. These enable users to control their power consumption and save money. Its main product is the Pulsar Plus, which aims to be a compact yet powerful and fast EV charger at home. The company also offers a vast portfolio that covers charging and energy management solutions for residential, semi-public, and public use in more than 80 countries. 

Last week, the company announced that it will begin selling its best-selling Charger, Pulsar Plus, in Canada. This announcement comes a year after its successful debut into the US market in February of last year. In fact, within the first three months of being on the market, Pulsar Plus became the number one best-selling charger on Amazon. Accordingly, Wallbox has started selling chargers to all Canadian provinces through and business-to-business (B2B) sales channels. Given this expansion into the Canadian market, would you consider having WBX stock on your watchlist?

WBX stock chart
Source: TD Ameritrade TOS

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EVgo is an EV charging company that 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 34 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.

On January 13, EVgo announced that PlugShare, its EV community platform, has reached over two million registered users globally. This marks a milestone for the platform as it further solidifies PlugShare’s position as the leading platform used by EV drivers for locating and selecting public chargers. In detail, PlugShare is designed to be an interactive resource for EV drivers. Drivers can obtain info about available charging stations nearby or on planned trip routes. Additionally, it is also used by the EV community to share their feedback on stations, share tips, and communicate with other EV drivers. All things considered, do you think EVGO stock is worth watching?

EVGO stock
Source: TD Ameritrade TOS

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Ending our list of EV charging stocks is ChargePoint, one of the top names in the industry today. Briefly, it is an EV infrastructure company that operates one of the largest online networks of independently owned EV charging stations. Namely, it has over 26,000 public charging stations spread across the U.S. Globally, the company has 118,000 charging stations. For the most part, the company commits itself to making it easy for businesses and drivers to go electric with its wide portfolio of charging networks and solutions. With CHPT stock declining by nearly 66% over the past year, is this an opportunity to buy the dip?

Back in December, the company reported its most recent quarter financials for fiscal 2022. For starters, quarterly revenue increased by 79% year-over-year to $65 million. It also activated ports of approximately 163,000 as of October 31, with about 45,000 of them in Europe. The company also closed acquisitions of European e-mobility technology provider has·to·be and eBus and commercial vehicle management provider ViriCiti. Given the strong quarter, ChargePoint is raising its full-year revenue outlook to $235-240 million from $225-235 million. On that note, will you be adding CHPT stock to your portfolio?

CHPT stock
Source: TD Ameritrade TOS

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