About Evgo Inc (EVGO)

Evgo Inc. is a leading electric vehicle (EV) fast charging network provider in the United States. Founded in 2009 as Ecotality, the company was rebranded to Evgo in 2016. Evgo operates a network of over 800 public fast charging locations across 34 states, giving it the largest public charging footprint in the country.

Evgo focuses specifically on providing DC fast charging stations to enable convenient charging for rideshare vehicles, taxis, municipal fleets, delivery vehicles, and personal EVs. The company’s charging stations offer 50kW to 350kW charging capabilities to minimize charging times. Also, Evgo chargers are compatible with all fast-charge capable EVs currently available in the US market.

In recent years, Evgo has been rapidly expanding its charging network through partnerships and acquisitions. Key developments include:

• Strategic collaborations with major automakers like GM and Nissan to provide charging infrastructure and develop new technologies.
• A major charging network expansion in 2021 with the acquisition of recycling and renewable energy company US Ecology’s network of charging stations.
• Collaboration with ridesharing leader Uber to provide charging access for EV rideshare vehicles.
• Partnership with Amazon in January 2023 for Alexa-equipped cars to locate, schedule, and pay for charging.

Evgo Inc (EVGO) Stock Price History

Evgo Inc. started trading on the NASDAQ stock exchange in July 2021 after completing a merger with the special purpose acquisition company Climate Change Crisis Real Impact I Acquisition Corporation. The company was valued at $2.6 billion upon its market debut.

Evgo’s stock opened at $13.06 on its first day of trading on July 2, 2021. During the rest of 2021, EVGO shares largely treaded water, reaching a peak price of $19.59 in November before closing the year at $10.71.

In 2022, Evgo stock experienced significant volatility amidst broader market fluctuations and challenges posed by inflation and rising interest rates. After starting the year around $10.50, EVGO shares slid to yearly lows of $4.24 in August and $3.57 in September. The stock staged some recoveries later in the year, climbing back up to the $7.50 – $11.80 range in April and August. Then, it fell back to $5.34 in December 2022.

Between July – November 2023, The stock price of EVGO varied significantly. For example, on August 7, 2023, the stock closed at $4.80, while by November 28, 2023, it had decreased to $2.91. This indicates a notable decline over this timeframe​.

Below, we have provided you a table that shows how the stock price has fluctuated on yearly basis.

Evgo Inc (EVGO) Financial Details

As a young public company undergoing rapid growth, Evgo is currently focused more on expanding its charging network rather than achieving profitability. Of course, Revenue has risen quickly in recent years, but so have expenses.

Evgo brought in $54.5 million in revenue in 2022, a 144% increase compared to 2021. However, net losses also swelled from $6.4 million in 2021 to $27.6 million in 2022, as operating costs outpaced revenue growth.

During this period, Evgo has also seen its market capitalization shrink , from a peak of nearly $1.18 billion in 2022 to under $1 billion in 2023. This reflects market concerns about the path to profitability. If Evgo can continue scaling revenues significantly faster than expenses in the long run, aided by increasing utilization rates and new monetization models, the company can cross over into profitability and see substantial gains in enterprise value. However, it remains a long game, relying on disciplined expansion and optimal use of funding sources.

Here’s what other financials has to say about the company’s current situation.

Here, you can see that EBITDA and EPS are negative, which means the company is currently running at a loss.

Evgo Inc (EVGO) Stock Forecast & Price Prediction

According to short-term forecast, the EVgo stock can hit $4.32 in 2023, and $5.03 in 2024. If you look at long-term projections, the stock can rise to $5.88 in 2025, $9.37 in 2028 and over $10 in 2030. Let’s take a look at EVgo’s stock price predictions in detail.

Evgo Inc (EVGO) Stock Forecast & Price Prediction 2023

According to short-term forecast, we can see a potential drop in EVGO’s stock value to $2.02 per share. Currently, The consensus rating for EVgo stock is “Moderate Buy,” with an average twelve-month price prediction of $4.32, a high target of 7.79.00, and a low target of $2.02​​.

Evgo Inc (EVGO) Stock Forecast & Price Prediction 2025

Market analysts predict that the stock price will vary between $2.76 to $7.72 in the first quarter and could rise to $10.12 to $12.52 in the second quarter of 2025​​​​. We can see this forecast due to expectations of rising EV sales and strong growth in revenue and cash flow for EVgo.

Evgo Inc (EVGO) Stock Forecast & Price Prediction 2030

The average stock forecast for EVgo in 2030 is estimated to be around $12.77, with a possible rise to $23.35 in a favorable economic situation​​. This projection is likely based on the anticipated growth in the EV market and EVgo’s strategic business developments.

Evgo Inc (EVGO) Stock Forecast & Price Prediction 2040 and 2050

Long-term forecasts for EVgo suggest a significant increase in the stock value. For 2040 ,the stock can rise to $29.70, with a high target of $126.44 and a low target of $13.63. Similarly, By 2050, the median target price for EVGO is expected to be around $52.61, with a high estimate of $68.66 and a low estimate of $19.28. This represents a +1708% increase from the last price of $2.91 as of the forecast date​​.

Well, These projections are speculative and can depend on various factors, including the overall growth of the EV charging sector, technological advancements, government policies, and EVgo’s ability to adapt and innovate in the evolving market.

EVGO Buy, Sell or Hold?

Bullish analysts see significant upside in owning Evgo shares at current deflated prices, which is below $3. Their rapid expansion plans position Evgo to capitalize on a $50 billion domestic EV charging market expected by 2030. Moreover, Evgo’s first-mover advantage, established partnerships with GM and Amazon, and technology innovations provide competitive advantages as barriers to entering the industry increase.

However, Bearish experts point to continuing losses, cash burn rates outpacing revenue growth, and increasing competition in the EV charging space as reasons for caution. Unless Evgo can achieve greater efficiencies in rollout costs and service pricing, the path to profitability still remains unclear. Also, Macroeconomic challenges could throttle growth plans.

On balance, Wall Street sentiment leans positive on Evgo stock. Recent analyst consensus ratings on EVGO shares over the last quarter have weighed toward buy/overweight recommendations. Four analysts tag the stock as a buy, and eight suggest holding. Also, According to analyst ratings tracked by Benzinga, the consensus rating for EVgo is “Outperform.” The analyst rating summary shows a mix of opinions with 5 buy, 2 overweight, 4 hold, and 2 sell ratings.

Here’s how Wall Street analysts rates the stock.

EVGO FAQs

What is the stock symbol for EVgo Inc.?

EVgo Inc. trades under the ticker symbol “EVGO” on the NASDAQ stock exchange.

Is EVgo Inc. stock a good investment?

Based on the forecasts, Evgo stock could deliver returns exceeding 10 time over the next decade if milestones are met. By 2030, the stock can reach in the range of $5 and $23. This means that the EVGO stock can see around 100-300% increase in the next 5 and 10 years.

Should I buy Evgo stock?

For EVGO, Analyst opinions range from bullish calls expecting overperformance to bearish warnings on cash burn risks. Here, Zacks sees EVgo as potentially overvalued but thinks momentum traders could still benefit from continued growth. Also, Benzinga’s consensus “Outperform” rating points to long-term upside potential, though individual analysts range from highly bullish to bearish. Meanwhile, StockInvest.us strongly warns against buying for short-term gains but notes some encouraging long-term signals. So, conservative investors can avoid Evgo stock for now. However, risk-tolerant investors could see multi-bagger returns over 5+ year horizons if EV charging demand scales as projected.