Wall Street Favorites: 3 EV Charging Stocks With Strong Buy Ratings for April 2024 


  • Here are some of the top EV charging stocks to buy and hold long-term.
  • EVgo (EVGO): Analysts at RBC Capital recently upgraded the EVGO stock to an outperform rating from sector perform, with a target of $4.
  • Beam Global (BEEM): Not only is the company expanding in Europe, it was also just granted a U.S. patent for wireless EV charging.
  • Allego (ALLG): It partnered with Ford Motor to bring ultra-fast charging infrastructure to Ford Motor dealerships in Europe.
EV charging stocks - Wall Street Favorites: 3 EV Charging Stocks With Strong Buy Ratings for April 2024 

Source: shutterstock.com/Nixx Photography

Investors may want to consider buying some of the top EV charging stocks for the long haul. For one, if the U.S. is serious about electric vehicle adoption, the EV charging market must grow nearly tenfold. 

“The number of charge points in the U.S. is forecast to rise from about 4 million currently to 35 million in 2030,” according to PwC analysis. “The accelerated expansion of the charging infrastructure will be needed to serve the needs of a new generation of EV owners. We forecast that the number of EVs in the U.S. will climb a steep hockey-stick trajectory to 27 million by 2030 and 92 million by 2040. This compares to about 3 million EVs in 2022.”

Also, according to McKinsey, the U.S. will need about 28 million ports by 2030. They added that private ports could increase from about 2.5 million to 27 million.

Unfortunately, we won’t see a great deal of EV adoption without the growth of EV charging stations, partly because of range anxiety issues. Again, more charging infrastructure is necessary if the U.S. is serious about further EV adoption.

All of these factors could help fuel the following EV charging stocks.


An image of two Evgo, Inc. (EVGO) charging stations
Source: Tada Images / Shutterstock.com

After topping at around $3.37, EVgo (NASDAQ:EVGO) pulled back to $2.16, which caught triple-bottom support. It could bounce again if it follows the same pattern since late October.

The company posted a wider loss of $0.12 in its recent quarter from $0.06 year over year. However, sales of $50 million — up 83.6% year over year — beat by $5.69 million. Plus, profitability is expected to improve as the EV market expands. The company also expects to be EBITDA-positive by 2025, as well.

Better, analysts at RBC Capital upgraded the stock to an outperform rating from sector performance, with a target of $4. “The automotive industry is moving toward electrification, and we believe EVgo is well positioned to benefit from this secular trend,” RBC Capital added.

Beam Global (BEEM)

Electric car backlit by cyan blue neon light next to EV charger with cyan blue light and lightning bolt symbol, all against a black background. ev stocks to buy
Source: shutterstock.com/JLStock

We can also look at beaten-down shares of Beam Global (NASDAQ:BEEM).

After topping out at around $8.50, it trades at $5.90. It’s another one of the top EV charging stocks to buy and hold long-term. The company is expanding in Europe and was just granted a U.S. patent for wireless EV charging.

“The EV ARC is already the easiest and fastest deployed EV charging infrastructure solution. With this new patented technology, a driver will have the ability to fuel a vehicle by doing no more than parking on the EV ARC,” said Desmond Wheatley, CEO of Beam Global. “We believe that increasing numbers of EVs will be equipped with wireless charging receivers and fleet operators and public charging operators will seek efficient methods to deploy the transmitters without having to perform permitted construction and electrical work.”

The company also secures federal clients, including those from the U.S. Food and Drug Administration (FDA), the Missile Defense Agency, the National Park Service and the Small Business Administration. With further contracts and continued growth in Europe, I’d like to see BEEM double, if not triple, from current prices.

Allego (ALLG)

A close-up shot of an electric vehicle plugged into an Allego (ALLG) charger.
Source: szmuli / Shutterstock.com

There’s also Netherlands-based Allego (NYSE:ALLG). The stock exploded from about $0.06 to $2.11. Now trading at $1.13, there’s still a good deal of opportunity to be had in the longer term.

Currently, the company has a network of about 35,000 charging stations in 16 countries, positioning it well for future EV charging station growth. It also recently partnered with Ford Motor (NYSE:F) to bring ultra-fast charging infrastructure to Ford Motor dealerships in Europe.

“The new collaboration will further expand convenient and reliable charging solutions for customers of Ford electric vehicles (EVs) including the new electric Explorer, as the American brand journeys towards a 100 percent electric line-up of passenger and commercial vehicles in Europe by 2035,” as noted in a company press release.

ALLG also teamed up with Burger King France to roll out ultra-fast chargers across drive-through and dine-in locations that are not co-ownership over the next three years.

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.

Article printed from InvestorPlace Media, https://investorplace.com/2024/04/wall-street-favorites-3-ev-charging-stocks-with-strong-buy-ratings-for-april-2024/.

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