3 EV Charging Stocks to Turn $10,000 Into $1 Million: February 2024

Here are some of the top charging stocks to consider before the market turns higher

With soft demand for electric vehicles, EV charging stocks lost ground. However, don’t write them off just yet. Instead, buy the excessive fear. 

For one, according to a new study from GBK Collective, half of U.S. households are considering an electric vehicle, or hybrid EV as their next vehicle. 

“Contrary to the stagnant EV market depicted by some industry watchers, GBK’s new study survey shows that adoption of EV and hybrid vehicle sales are poised to surge in the coming years – with half of U.S. households now considering an EV (Electric Vehicle), PHEV (Plug-in Hybrid Electric Vehicle), or HEV (Hybrid Electric Vehicle) for their next vehicle purchase. This shift, however, hinges on the auto industry’s ability to deliver the right products at the right price points, as well as the need to overcome concerns about total cost of ownership.”

Should we see more sales, we’ll also need many more charging stations, which we don’t have.

Two, the U.S. has just under 130,000 publicly available charging ports at 50,401 charging stations, according to BlinkCharging.com. Yet, when we approach the U.S. goal of half of all auto sales being electric, we’ll need 1.2 million public, and 28 million private EV charging stations, or about 20 times more than we have now, as I noted on February 12.

Those catalysts should fuel long-term growth in EV charging stocks, such as:

EVgo Inc. (EVGO)

After finding double-bottom support around $2, shares of EVgo (NASDAQ:EVGO) recently bounced to a high of $2.69. From here, if it can break above resistance, I’d like to see it initially test $3.20. 

Helping, the U.S. Transportation Department is awarding about $148.8 million to replace or repair the existing 4,500 EV charging ports across 20 states, which is also a great catalyst for EVGO. Plus, “EVgo anticipates reporting full-year 2023 financial and operating results that meet or exceed the guidance ranges provided by the company on Nov. 8,” as noted in a company press release.

Blink Charging (BLNK)

Blink Charging (NASDAQ:BLNK) is showing signs of life, too. After bouncing from triple bottom support around $2.20, BLNK bounced to about $3.60. From here, I’d like to see it test prior resistance around $4.50 a share. Helping, the company said it anticipates fourth quarter revenue of $42 million, which is far better than expectations for $34.3 million.

It also expects for its full-year 2023 revenue to pass $140 million, which would be above prior expectations for a range of $128 million to $133 million. And it still has a target of achieving positive adjusted EBITDA by December.

According to CEO Brendan Jones, “We saw strong demand for both our equipment and services. This is the result of consistent and systematic steps that we took to strengthen our product portfolio and service offerings, supported by our vertical integration strategy and dedicated customer service team,” as quoted in a company press release.

Beam Global (BEEM)

Even Beam Global (NASDAQ:BEEM) has been on the move.

Since mid-January, the stock ran from about $4.75 to a high of $8.48. While it’s pulling back with the broader market, I’d like to see it test $12 again soon. Helping, the company just announced that six federal clients just placed first-time orders. That includes the Defense Media Activity (DMA), the U.S. FDA, the Missile Defense Agency (MDA), the National Park Service (NPS), the Small Business Administration (SBA), and United Cleanup Oak Ridge.

“Disaster preparedness and energy resiliency are fast becoming national security level imperatives. We agree with the goal to have 25% of EV charging infrastructure be off-grid, locally generated, locally stored, and locally delivered, powered by 100% renewable energy. We expect to continue to deepen and expand our government business in the U.S. and globally,” said CEO Desmond Wheatley.

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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