EVgo Stock Skyrockets on Impressive Wall Street Beat
EVgo, an EV charging network and equipment provider, has exceeded Wall Street's expectations and experienced a surge in its stock price.
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EVgo's Private-Label Charging Business Surpasses Analyst Expectations, Boosting Revenue
EV charging network operator EVgo reported better-than-expected second-quarter revenue and a narrower loss, driven by increased usage of its network and booming revenue from its private-label eXtend unit. The company's "network throughput" grew 147% year over year, and revenue from eXtend accounted for nearly 66% of its total revenue. EVgo also raised its full-year revenue guidance and expects to have between 3,400 and 4,000 fast charging stalls in operation or under construction by year-end. CEO Cathy Zoi will retire in November, with Badar Khan set to succeed her.
Stocks on the Move: Tesla, GM, DocuSign, and More
Tesla and General Motors' shares rose after announcing that GM's electric vehicles will have access to Tesla's fast-charging network in North America starting next year. Sientra's shares skyrocketed after the FDA granted clearance for its AlloX2 Pro Tissue Expander. EVgo and Planet Labs' shares slumped after Tesla's announcement. ChargePoint Holdings, EVgo, and Blink Charging's shares fell, while Braze Inc. and Mission Produce Inc.'s shares rose. Mangoceuticals Inc.'s shares fell after a sharp pullback from the previous session's intraday high.
"Analysts Predict Bounce Back for 2 Beaten-Down Stocks with Insider Investments"
Insiders have been pouring millions into EVgo and Insulet Corporation, two beaten-down stocks that analysts believe could be ready to bounce back. EVgo runs the largest public fast charging network for EVs in the US and is well-positioned to benefit from the rapid growth of public EV charging. Insulet is a leading medical device maker that specializes in insulin delivery systems and recently beat Q1 revenue forecasts. Both companies have seen recent declines in their stock prices, but insiders have been buying up shares, indicating that they may consider the shares to be undervalued. Analysts have given both stocks a Moderate Buy consensus rating and believe they have potential for significant growth in the next 12 months.
EVgo's Strong Earnings and Upbeat Outlook Propel Stock Surge.
EVgo CEO Cathy Zoi believes that EV chargers will become as common as gas stations in the future, with government spending on chargers acting as a catalyst for growth. The White House's $7.5 billion EV charger buildout plan aims to have 500,000 new chargers online by 2030, but research firms have said the country will need millions by then. EVgo is one of the many partners the White House is using to build out the national network. The company is focusing on installing chargers at perfect locations such as grocery store parking lots, big box stores, and municipal parking lots.
Market Movers: Bed Bath & Beyond, EVgo, UBS, Intel, Roku, Sprinklr, Philip Morris, SunPower, PacWest Bancorp, Electronic Arts, H&M, RH, Charles Schwab, Walmart and More.
Bed Bath & Beyond's shares dropped nearly 16% after the company warned it may need to file for bankruptcy as it proposed a $300 million stock offering. UBS's US listed shares advanced 2% after the bank announced Sergio Ermotti would return as CEO to oversee the takeover of Credit Suisse. EVgo surged 21% after the company reported Q4 revenue that beat Wall Street estimates. Ford gained 1.4% after Morgan Stanley reiterated its overweight rating. Netflix gained 1.7% after Wells Fargo said it thinks the stock could rise 20% from here.
EVgo's Strong Sales and Guidance Boost Stock Performance.
EVgo, the electric-vehicle charging company, reported better-than-expected Q4 sales and its 2023 sales guidance falls within Wall Street's projections, leading to a rise in its stock price. The solid results are good news for early-stage growth stocks in the current market.
EVgo's Q4 Results Beat Expectations, Stock Surges.
EV charging network operator EVgo reported Q4 revenue of $27.3 million, a 283% YoY increase, beating Wall Street expectations, and posted a narrower-than-expected loss due to booming demand from business clients. The company's revenue guidance for 2023 fell slightly short of Wall Street's expectations, but shares were up over 8% in premarket trading following the news. EVgo's network throughput grew 76% YoY to 14.4 GWh in Q4, and the company added about 59,000 new customer accounts during the period. Revenue from its "eXtend" unit, which provides and manages chargers for business clients, totaled about $16.7 million in Q4, up from just $114,000 a year ago.
EVgo's Strong Sales and Guidance Boost Stock Performance.
EVgo reported better-than-expected Q4 sales and its 2023 sales guidance falls within Wall Street's projections, leading to a rise in its stock price. The electric-vehicle charging company's solid results are good enough for early-stage growth stocks in the current market.