EVgo Stock Forecast: The stock gets a rub-off effect for a bad day for EV stocks. Sentiments stay positive.

EVgo Stock Forecast: The stock gets a rub-off effect for a bad day for EV stocks. Sentiments stay positive.

US Politics
December 20, 2021 by Mitchell Jhon
14
EVgo Stock Forecast: In the next 24 hours, Shares of EVgo Inc are expected to trade between $ 9.02 and $ 11. The overall recommendation for the next 24 hours is Neutral. 2 of 5 Momentum Indicators is Negative 1 of 5 Momentum Indicators is Positive 2 analysts EVgo Latest Price.: EVgo is trading 7.74%

EVgo Stock Forecast: In the next 24 hours, Shares of EVgo Inc are expected to trade between $ 9.02 and $ 11. The overall recommendation for the next 24 hours is Neutral.

2 of 5 Momentum Indicators is Negative

1 of 5 Momentum Indicators is Positive

2 analysts

EVgo Latest Price.: EVgo is trading 7.74% lower at $ 9.175 in the current session.

Metric
Value
Trend
Share Volume
3.3 M
NA
Average Share Volume
9.6 M
NA
Forward PE (1 Year)
-8.23
NA

EVgo Stock Forecast: Performance Chart

Stock Name
1 day
5 days
1 Month
1 Year
-7.74%
-17.79%
-30.01%
-8.74%

EVgo Stock Forecast: Momentum Summary

Momentum Indicator
Indicator Direction
Price
Lower
Technical
Neutral
Social Media Sentiment
Positive
Volume
NA
Market Outperformance
Lower
EVgo Stock Forecast.

EVgo Stock Forecast: Support and Resistance

Source
Support
Resistance
Recommendation
$ 9.02 (S3)
$ 11 (R1)
Sell
$ 9.02 (S3)
$ 11 (R1)
Buy

EVgo Stock Forecast: Latest Videos

evgo stock! evgo | evgo stock prediction | evgo stocktwits | evgo share

EVgo Stock Forecast: Social Media Sentiment Analysis

Day
Positive
Negative
Sentiment
Last 24 hours
NA
NA
NA
Last 7 Days
16%
5%
Positive

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EVgo Stock Forecast: Latest News and Tweets

Tickeron on Twitter: “$EVGO’s Aroon indicator drops into Downtrend on December 17, 2021. View odds for this and other indicators: https://t.co/dWWqPzufi8 #EVgo #stockmarket #stock pic.twitter.com/1UwHBOGW7l / Twitter”

EVGO’s Aroon indicator drops into Downtrend on December 17, 2021. View odds for this and other indicators: https://t.co/dWWqPzufi8 #EVgo #stockmarket #stock pic.twitter.com/1UwHBOGW7l

mike daley on Twitter: “$EVGO people love this stock at $18 and are terrified at $10.relax and buy some andSELL at $18 / Twitter”

EVGO people love this stock at $18 and are terrified at $10.relax and buy some andSELL at $18

Electric Vehicle Checkpoint: Biden Adminstration is Very Pro-EV

EVgo Stock Forecast: 12 Month Forecast

Source
Overall Consensus
Upper Range
Lower Range
CNN Money
BUY
$22
$11
Nasdaq
BUY
$18
$10
Investment.com
BUY
$22
$11

EVgo partners with General Motors and Uber Inc

  • EVgo announced deals with General Motors (GM) and Uber (UBER) on 9.11.2021 and stock surged more than 5 percent post news. The plan is that EVgo and GM will team up to build 3250 high powered DC charging stalls by 2025, 500 more than what was announced previously.
  • GM is set to perform well in upcoming future in EV space. An electric version of Hummer is due to be released in December, is expected to be quite popular and GM intends to offer 30 more EVs by 2025. Therefore, it is best to assume partnership between EVgo and GM is quite positive for EVGO stock.
  • EVgo also announced discount program for Uber drivers. Drivers having Uber Pro, Gold and Platinum status will save up to 30%on charging costs over EVgo standard rates. Uber is America’s leading rideshare company and is looking to convert a big portion of its fleet into EV going forward.
  • EVgo has also won grants from Pennsylvania to build new 350 kW DC fast charging stations. EVgo is also lined up for deals with fleet operators like Electric Last Mile Solutions and Merchant’s Fleet.

EVgo Q3 Results and New Boost in Form of Infrastructure Bill.

  • EVgo reported Q3 results on 9.11.2021 and revenue increased 29% quarter over quarter as retail and fleet segments witnessed solid activity over second quarter and network throughput increased to 8.0 Gigawatt hours, 31% increase over second quarter.
  • EVgo increased its full year 2021 guidance and now projects $20-22million revenue, up from $20 million previously and network throughput of 24-26 GWh and expects to deliver 280-320 newly operational stalls.
  • But, the rally seen in EVGO stock last month is majorly due to infrastructure bill worth $1.2 trillion aimed at providing funds to support the expansion of nation’s electric vehicle infrastructure. Specifically, $7.5 billion is earmarked to build country wide network of EV chargers.
  • There are other ways also, bill supports expanded use of electric vehicles and it is expected to generate demand for EV charging stations, which goes beyond federal government’s planned direct spending on EV charging stations.
  • President Joe Biden announced this year that at least 50% of vehicles sold in US by 2030 will be electric and country needs robust public charging stations for this. Right now US has more than 100,000 publicly accessible EV chargers but country is still behind China and many European Nations.

Recent Decline After Analysts Downgrades Rating

  • Credit Suisse analyst Maheep Mandloi downgraded his rating to neutral from outperform, citing the stock recent unrealistic rally which has factored all the positive news like its partnership with GM and infrastructure bill and do not see a major upside going forward.
  • Bank of America analyst Ryan Greenwald downgraded EVgo stock to underperform from neutral, maintaining the price target of $11 citing the current situation as “charging euphoria”. Also Greenwald is wary of expiry of lockup period of more than 70 percent EVgo outstanding shares at the end of the year.

Challenges for EV Charging Companies:

  • All the EV charging companies like ChargePoint and EVgo are posting earning losses right now. EVgo posted an operating loss of $25.9 million in the third quarter. This is mainly because of large upfront expanses involved in developing required infrastructure and daily expanses to keep them upbeat.
  • Companies like Tesla are developing their own charging network and that can take away a sizable chunk of customers from these companies like EVgo. However, EV charging companies are adopting different strategies but a matter of fact is that they face stiff completion in the near future.

Future Outlook for EVgo Inc

  • If we look at valuations, although EV charging companies are unprofitable, they are still trading at very high valuations. EVgo is trading at price to sales ratio (P/S) of 185 whereas other companies like ChargePoint is trading at price to sales ratio of only 45 and Blink Charging stock is trading at P/S ratio of 110. Therefore, EVgo is not a buy from valuations perspective.
  • There is mix of positive and negative news for EVgo with infrastructure bill in pipeline and recent partnership, but still it could not attract analysts and they have termed it euphoria state citing stiff completion.
  • Firstly, it is to be acknowledged that EVgo is taking right steps for future growth and valuations will be justified only with growth trajectory. With Government impetus and right strategy, EVgo can leap forward in future and stock can give much expected returns. 

EVgo Continues Expansion in Colorado with Six New Fast Chargers

-Vineet Agarwal

Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.

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