Crisis may soon become an opportunity for EV charging stocks.
Over the last few days, Shell (NYSE:SHEL) announced it would divest about 1,000 gas stations and focus on expanding electric vehicle (EV) charging stations. By 2030, the company aims to increase the number of public charge-points significantly, as per their latest energy transition strategy report.
EV Charging Expansion: A Bright Future Ahead
Ford Motor (NYSE:F) recently joined forces with Allego (NYSE:ALLG) to introduce fast EV charging at dealerships across Europe. A lack of charging infrastructure has been a major hindrance to EV adoption in Europe, leading to decreased demand growth for electric cars.
The Biden Administration outlined plans for EV charging along U.S. freight corridors, coupled with a significant investment of $623 million to bolster the EV charging network in the country.
EVgo (EVGO): Powering Up for Growth
EVgo (NASDAQ:EVGO) emerges as a top EV charging stock, presenting a lucrative buying opportunity after a recent dip. Analysts project improved profitability as the electric vehicle market expands, with a target price of $4 set by RBC Capital.
In its latest quarter, EVGO reported a substantial increase in sales, emphasizing a focus on customer experience and digital-first approaches, resulting in remarkable revenue growth.
Blink Charging (BLNK): Illuminating the EV Landscape
Blink Charging (NASDAQ:BLNK) showcases promise as another prime EV charging stock. Despite recent price fluctuations, the company anticipates achieving positive EBITDA by the end of the year. Noteworthy revenue growth and expanding clientele, including the U.S. Postal Service and Mack Trucks, indicate a bright future.
Analysts expect BLNK to regain its momentum towards previous highs, with D.A. Davidson reiterating a hold rating on the stock with a $5 price target.
Beam Global (BEEM): Lighting the Way Forward
Beam Global (NASDAQ:BEEM) presents an enticing investment opportunity after a slight decline to $6.76. The company recently secured a new patent for its wireless charging technology, enhancing its position in the market.
With lucrative contracts from Homeland Security, the U.S. Army, San Diego, and Los Angeles, Beam Global is poised for substantial growth. The acquisition of Serbian streetlight company Amiga signifies an expansion across Europe, coupled with a significant order from the UK Ministry of Defense.
As Beam Global accelerates its growth trajectory, investors foresee a rally back to initial price levels, with long-term potential for even higher gains.
