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Top Stocks To Watch This Week? 4 Top EV Charging Stocks For Your Watchlist 

As electric vehicles continue to gain popularity, could these EV charging stocks bring you gains?

top stocks to watch

Top EV Charging Stocks To Watch In The Stock Market Today

Electric vehicles (EVs) have seen a robust increase in consumer demand over the past few years. This could be thanks to the cutting-edge technology found in these modern cars or their ‘cool’ factor. Not to mention, governments across the world have been encouraging consumers to make the jump to electric as well. For instance, by offering a slew of incentives such as tax exemptions and rebates to name a few. As such, with the growing adoption of EVs, the need for EV chargers will grow as well. Hence, EV charging stocks could be in focus in the stock market. 

Investors could be watching the likes of Phillips 66 (NYSE: PSX). Just this week, the energy company signed a letter of intent with FreeWire Technologies. Notably, FreeWire will be supporting Phillips 66 in developing its first EV charging program in the U.S. The two will be working to incorporate FreeWire’s ultra-fast charging technology with Phillips 66’s U.S. fuelling stations and other strategic locations. Elsewhere, we have Beam Global (NASDAQ: BEEM). Last week, the company posted its highest quarterly revenue in its history, a 175% jump to $3.8 million. Moreover, Beam also saw its system deliveries soar 250% higher than the year before. All things considered, here are some of the best EV charging stocks to watch in the stock market today.

EV Charging Stocks To Buy [Or Sell] Right Now 

ChargePoint 

Kicking off our list today is 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.

This week, the company reported its financial results for the first quarter of fiscal year 2023. Jumping right in, the company brought in a quarterly revenue increase of 102% year-over-year. Specifically, this marks an increase from $40.5 million in the prior year to $81.6 million. ChargePoint’s networked charging systems revenue came in at $59.6 million, a rise of 122% from a year ago. In the same report, the company also shared its guidance for the second quarter. Namely, it expects to bring in revenues of $96 million to $106 million. Meeting the midpoint of this guidance would represent an increase of 80% year-over-year. Given the strong quarter at ChargePoint, should you add CHPT stock to your portfolio?

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Following that, we have Blink Charging. 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. 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. BLNK stock has been under pressure for the past year, declining by over 50% during the period. Could things be turning around soon?

Earlier this week, Blink Charging, through its recent acquisition of EB Charging, announced an agreement with Q-Park. For the uninitiated, Q-Park is a leading parking infrastructure owner and operator in Europe. Notably, the agreement, totaling more than $3.7 million, will initiate EB Charging’s rollout of over 600 charging points across Q-Park’s portfolio of parking facilities in the UK and Ireland. Accordingly, the installations are set to begin in July and will modernize the existing charging infrastructure with EB Charging’s state-of-the-art hardware. With Blink Charging expanding its footprint in the EV scene, should you be on the lookout for BLNK stock?

Wallbox

Another notable EV charging stock worth watching is Wallbox. In short, it is a company that creates EV charging and energy management systems. These essentially enable users to control their power consumption and save money. Its main product is the Pulsar Plus, which is a compact yet powerful and fast EV charger at home. The company also offers a vast portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 80 countries. Last month, the company entered into a partnership with Arcadis (OTCMKTS: ARCVF).

Namely, Wallbox has chosen Arcadis to manage the design and development program for its new EV charger manufacturing facility in Arlington, Texas. The 130,000 square foot facility will kick off production in the third quarter of the year and is expected to produce 250,000 units by the end of this year. And by 2025, Wallbox expects the facility to churn out over 500,000 units annually. Seeing that Wallbox’s chargers are compatible with all EVs, this move will help lay the necessary groundwork for EV growth and adoption in the U.S. All in all, should you invest in WBX stock?

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EVgo

Finally, we have EVgo, a company that owns and operates the nation’s largest public direct current fast-charging network. With more than 800 fast-charging locations, EVgo’s charging network serves over 68 metropolitan areas across 35 states. Its network is powered by renewable electricity using renewable energy certificates. Therefore, EVgo caters to the EV industry by providing EV charging infrastructure to consumers and businesses. In early May, the company reported its results for the first quarter of 2022.

Diving in, EVgo brought in a revenue of $7.7 million for the quarter. For comparison, this marks an increase of 86% year-over-year. This revenue growth was primarily driven by higher retail and fleet charging revenues. CEO Cathy Zoi shared, “We continue to work with a number of partners to develop, and in some cases accelerate, plans for new EV charging stations across the U.S. This growth is evident in new product innovations and partnerships like those with Chase Bank, which selected EVgo to build our DC fast chargers at approximately 50 of their retail locations.” Given EVgo’s growth prospects, will you be watching EVGO stock?

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By Amos C

Amos is the global markets correspondent for StockMarket.com. His boots on the ground insight into emerging markets has given him the unique ability to stay ahead of new market trends and deliver timely data when it matters most. Based in Asia, Amos has made a point to monitor the foreign markets closely, dissect stock market trends and then apply them to the North American markets; in addition to global markets.

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He has managed teams of international media strategists and financial writers to cover all top stories in the stock market each day. His skills include his tireless drive to find the most valid information and actionable details that investors can use to formulate valid decisions on stocks to buy or stocks to avoid. Furthermore, Amos’ ability to cover trending stories across the globe brings StockMarket.com a fresh perspective on key data and how it not only affects the North American markets but also how it could translate to the world markets alike.

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