Should Investors Be Watching These Top EV Charging Stocks Now?
With the U.S. economy steadily on the rise, electric vehicle (EV) charging stocks appear to be the next hot thing in the stock market. After all, EVs need charging and they are a growing market among consumers. Not to mention, EV stocks have been making waves recently. We could look at Rivian Automotive’s (NASDAQ: RIVN) recent initial public offering (IPO) for instance. Sure, the company’s shares appear to be seeing bouts of volatility, but investors are eyeing them nonetheless. Regardless, with more EV owners, the need for charging solutions would increase. But where do most people charge their EVs? Enter EV charging stations and EV charging stocks, by extension.
At the same time, the industry seems to be receiving support from the government as well. Companies managing charging stations are set to benefit from the $1.2 trillion bipartisan infrastructure package. This would be after President Joe Biden signed it into law last week. The Biden administration’s goal is to increase the number of EV charging stations in the country to 500,000. As a result, this could benefit EV charging stocks in the stock market now.
When it comes to EVs, Tesla (NASDAQ: TSLA) often comes to mind. The electric vehicle manufacturer has charging stations at over 4,500 locations globally. Elsewhere, leading Chinese EV maker Nio (NYSE: NIO) offers battery-swapping services, a unique take on charging solutions. Could any of these EV charging stocks be a good pick for your watchlist?
Best EV Charging Stocks To Watch Ahead Of December 2021
- ChargePoint Holdings, Inc. (NYSE: CHPT)
- Blink Charging Company (NASDAQ: BLNK)
- Volta Inc. (NYSE: VLTA)
- EVgo Inc. (NASDAQ: EVGO)
- Wallbox (NYSE: WBX)
ChargePoint
ChargePoint is a known name in the EV charging industry. It operates the country’s largest EV charging network, with 26,000 public charging stations located across the US. ChargePoint also operates in other countries, with 118,000 charging stations globally. Apart from public charging stations, the company also produces a home EV charger called the ChargePoint Home Flex. In October, the company announced its partnership with leading residential solar and storage service provider Sunnova Energy International (NYSE: NOVA). The partnership allows Sunnova customers to receive ChargePoint home EV chargers under the Sunnova Adaptive Home bundle.
During its second fiscal quarter, ChargePoint posted an increase in revenue by 61% year-over-year, totaling $56.1 million. The company also raised its full-year revenue outlook to between $225 and $235 million, from between $195 and $205 million. Given ChargePoint’s experience in the EV charging market, could CHPT stock be one of the best EV charging stocks to buy?
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Blink Charging
Blink is another established company in the EV charging industry. The company focuses on placing its charging stations at accessible locations such as residential blocks, healthcare facilities, and office buildings. In May this year, Blink acquired Belgian-based EV charging company Blue Corner NV to expand its European presence. The acquisition allows the company access to Blue Corner’s network in countries such as Belgium, the Netherlands, and France.
For its third fiscal quarter results, Blink reported $6.4 million in revenue, up by 607% year-over-year. The company contracted, sold, and deployed over 3,000 commercial and residential chargers in the recent quarter. Blink CFO Michael Rama said that the company has sufficient cash on hand to fund its strategic initiatives. These include building innovative product and software platforms and onboarding additional talent. The company also plans to extend its market reach globally, potentially acquiring businesses that could accelerate the company’s growth. As Blink continues to strengthen its position in the EV charging industry, BLNK stock could be worth keeping tabs on.
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Volta
Volta is another interesting EV charging company to consider now. The company’s EV charging stations double up as digital advertising billboards. Its Volta Media Network was formally launched this month. Among the brands that have signed up to advertise with Volta include video streaming service Netflix (NASDAQ: NFLX), multinational food and beverage company Nestle, and popular coffee chain Starbucks (NASDAQ: SBUX).
What’s more, the company announced in October that it has reached the milestone of delivering 100 million electric miles to EV drivers across the country. Volta also launched its machine learning and artificial intelligence solution for infrastructure planning called PredictEV in August. This is in partnership with the second-largest utility company in the US, Southern Company (NYSE: SO). During the third quarter, Volta recorded a 77% increase year-over-year in revenue to $8.5 million. Volta said that it added 168 stalls in the quarter, bringing its total of installed stalls to 2,137 as of September 30. With its unique edge, VLTA stock could be an EV charging name to watch for some.
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EVgo
EVgo is serious about fast charging. The EV charging company boasts a charge time of between 15 to 45 minutes at its charging stations. As you can imagine, convenience is the name of the game for EVgo. This is evident seeing that the company installs its stations at major retailers in the country. In March this year, EVgo inked a partnership with Midwest grocery store chain Meijer to install its EV charging stations at the chain’s 256 locations. The company is also working with automotive giant General Motors Company (NYSE: GM) in a partnership that will see 3,250 charging stalls deployed by 2025.
In its recently released third-quarter results, EVgo recorded a 29% quarter-over-quarter revenue increase to $6.2 million from $4.8 million. The company saw its customer accounts grow by 36,368 to over 310,000. It also increased its full-year 2021 revenue guidance to between $20 and $22 million, from $20 million projected before. Taking into account EVgo’s solid growth, could EVGO stock be a good addition to your watchlist?
Wallbox
EV charging and energy management company Wallbox is a new kid on the stock market block, despite its global presence. The company, founded in 2015 in Barcelona, Spain, just went public last month. Wallbox mainly focuses on providing home EV charging solutions. Its main product, Pulsar Plus, aims to deliver a compact yet powerful and fast EV charger at home.
This month, the company launched the Eco-Smart and Power Boost home energy management features on the Pulsar Plus. The Eco-Smart feature allows EVs to be charged using solar energy, making for more sustainable charging. The company also recently teamed up with Uber (NYSE: UBER). In detail, this will give Uber drivers a discounted package for Wallbox chargers, seamless installation, and the option to finance the package. Wallbox also recently reported that its third-quarter revenue stood at $22 million, a rise of 250% year-over-year. With its impressive offerings, will you be investing in WBX stock anytime soon?
