3 EV Charging Stocks That Could Make Your Summer Unforgettable

Core Insights - The increasing demand for electric vehicle (EV) charging stations is driving investments from both public and private sectors, which is expected to boost EV charging stocks [1][2]. Industry Overview - Automakers such as BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis are collaborating to establish a network of 30,000 new EV charging stations across North America [2]. - BP plans to invest $1 billion in EV charging infrastructure in the U.S. by 2030 to support the demand for EV rentals from Hertz [2]. Consumer Sentiment - A significant barrier to EV adoption is the lack of public charging stations, with approximately 77% of potential buyers citing this as a concern [3]. Investment Opportunities - EVgo (NASDAQ:EVGO) has seen its stock price rise from around $1.66 in April to $3.71, with potential for further gains if it surpasses resistance at $4.09 [4]. - Analysts at Benchmark have raised EVgo's price target from $3 to $5, citing increased utilization of charging networks and positive market sentiment [5]. - Beam Global (NASDAQ:BEEM) reported new second-quarter orders of $10.6 million, a 128% year-over-year increase, and is considered a strong buy [6][7]. - Blink Charging (NASDAQ:BLNK) is currently trading between $2.30 and $3.75, with potential to reach $7 as EV charging momentum grows [8][9]. Financial Performance - Beam Global reported a revenue of $14.6 million, up 12.1% year-over-year, although it missed estimates by $4.71 million [7]. - Blink Charging's first-quarter revenue increased by 73% to $37.6 million, with product revenue up 68% to $27.5 million [10].