Some of the most undervalued EV charging stocks are showing big signs of life again. 

For one, according to ChargePoint (NYSE:CHPT) CEO Rick Wilmer, the number of charging stations is increasing rapidly, as noted by the Associated Press.

Two, U.S. Secretary of Transportation Pete Buttigieg said, “We are investing in chargers around the country to meet the president’s goal of half a million chargers by the end of this decade. If we succeed in those two efforts…I think the US is very well-positioned to lead the EV future. But we’ve got to keep pushing because so many jobs are at stake.”

And while these undervalued EV charging stocks won’t make you millions overnight, give them time. With a global push for electric vehicles, the world will need plenty of charging stations. That being said, investors may want to jump into EV charging stocks such as:

EVgo Inc. (EVGO)

Since finding double-bottom support at around $2 a share, EVgo (NASDAQ:EVGO) ran to a recent high of $3.37. Now at $2.74, I’d like to see EVGO retest prior resistance around $3.80. All as EV charging stocks slowly start accelerating again.

Helping, RBC Capital analysts just upgraded EVGO to outperform, with a $4 price target. “The automotive industry is moving towards electrification, and we believe EVgo is well positioned to benefit from this secular trend,” said the firm, as quoted by Seeking Alpha.

Even better, the company posted sales of $50 million, as compared to the $27.3 million posted a year earlier. For full-year 2023, revenue jumped to $161 million from $54.6 million year over year, an increase of 195%.

The company also booked an adjusted EBITDA loss of $14 million, as compared to estimates of $17 million. EVGO also added about 110,000 new customer accounts in its recent quarter. That brings its overall customer count to 884,000, a 60% year over year jump.

Blink Charging (BLNK)

Over the last few weeks, shares of Blink Charging (NASDAQ:BLNK) ran from a low of $2.20 to $3.60. Now consolidating around $3.11, I’d like to see it retest resistance around $4.40 initially.

While we’ll get the full details of its fourth quarter and full year numbers on March 14, we already know the company expects for revenues to surpass prior expectations. 

For example, for its fourth quarter, it expects to post revenue of $42 million, as compared to expectations for $34.3 million. It also expects to see full year revenues greater than $140 million, which would be well above its prior forecast range of $128 million to $133 million. BLNK also expects to achieve positive adjusted EBITDA by December.

Better, “We are excited about our record-breaking fourth-quarter and full-year 2023 revenue growth. 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,” says CEO Brendan Jones.

ChargePoint (CHPT)

Another one of the top undervalued EV charging stocks is ChargePoint, which now trades just under $2 a share. From here, as EV charging stocks gain traction, I’d like to see it closer to $4 initially.

While earnings and guidance haven’t been much to write home about, most of the negativity appears to have been priced in. Not only did the company miss EPS estimates by a penny, it’s also missed its revenue numbers by about $4.23 million. And unfortunately, CHPT expects to see first quarter revenue range from about $100 million to $110 million, which is below expectations for $127 million.

While the numbers are pitiful, CEO Rick Wilner said “CHPT will focus on operational excellence, delivering world-class driver experiences, prioritization of the software platform, and hardware innovation. ‘This will drive growth for the ChargePoint business, and enable the EV charging needs of our customers,’” as quoted by Seeking Alpha. 

We also have to consider that RBC Capital analysts still see big upside for CHPT. Chris Dendrinos, for example, has a $3 price target on the stock at the moment.

On the date of publication, Ian Cooper did not have (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.