The 3 Best EV Charging Stocks to Buy in June 2024

Core Viewpoint - The electric vehicle (EV) market is experiencing significant growth, necessitating an expansion of charging infrastructure, which presents substantial investment opportunities in EV charging stocks [2][11]. Industry Overview - The U.S. electric vehicle market is on a growth trajectory despite challenges, particularly the need for more charging stations [2]. - The Biden administration's efforts to install EV charging stations have been criticized for slow progress, with only seven functioning chargers reported [11]. Company Insights - EVgo (EVGO): - Positioned to benefit from the electrification of the auto industry, with a recent trading price around $2.11, indicating potential upside [3][12]. - First-quarter results showed a revenue of $55.2 million, up 118.2% year-over-year, and an EPS loss of nine cents, beating estimates [13]. - Blink Charging (BLNK): - Currently trading around $3.24, with a recent high of $3.52, indicating strong support and potential for growth [15]. - Reported first-quarter revenue of $37.57 million, up 73.1% year-over-year, and an EPS loss of 13 cents, beating expectations [16]. - ChargePoint (CHPT): - First-quarter revenue was $107.04 million, down 17.7% year-over-year, but beat expectations [8]. - Analysts have a "buy" rating with a price target of $3, citing optimism about future gross margin improvements [9]. - Expected revenue for the second fiscal quarter is projected between $108 million and $118 million, below expectations of $122.74 million [18].