The 3 Best EV Charging Stocks to Buy in July 2024

Core Viewpoint - The future of electric vehicles (EVs) heavily relies on the expansion of charging infrastructure, making EV charging stocks attractive investment opportunities as the market develops [1]. Company Summaries - EVgo (NASDAQ: EVGO): CEO Badar Khan purchased 125,000 shares at an average price of $2.05, totaling approximately $251,250. Analysts have given it a "buy" rating with a price target of $3 [2]. The stock has increased from $1.98 to $2.58, indicating potential for further growth as the U.S. enhances its EV infrastructure [14]. EVgo is also opening new fast-charging stations, which should positively impact its stock price [15]. - ChargePoint (NYSE: CHPT): Currently priced at $1.51, ChargePoint is expected to rally to $2.40. The company has announced partnerships with LG Electronics and Porsche Cars North America, which will increase the number of chargers available to Porsche customers to 100,000 across the U.S. [5][6]. The long-term outlook suggests a potential price above $10 if the U.S. commits to expanding charging stations [7]. - Blink Charging (NASDAQ: BLNK): Blink is currently trading at $2.74, showing signs of being oversold but still considered a strong buy on weakness [16]. The company is in the process of achieving full accreditation from the Federal Risk and Authorization Management Program, which could open up government contracting opportunities [12]. In its latest quarter, Blink reported a revenue of $37.57 million, up 73% year over year, and an EPS loss of $0.13, beating expectations [17]. Industry Insights - A McKinsey report indicates that 46% of EV owners may switch back to gas-powered vehicles due to insufficient charging infrastructure, highlighting a significant barrier to EV adoption [8]. The Biden Administration has allocated $7.5 billion for charging infrastructure, aiming to install 500,000 EV charging stations by 2030, but progress has been slow with only seven stations established so far [10]. The lack of charging stations is a critical issue that could hinder the transition to electric vehicles [9].