Could These Be The Best EV Charging Stocks To Buy Right Now?
Amid the turbulence in the stock market, electric vehicle (EV) charging stocks remain relevant. This would be the case with the growing number of automakers making the shift towards all-electric fleets. Not to mention, governments are offering plenty of incentives to reduce fleet emissions as well. To tap into the rise of electrification, EV stocks are not the only option for investors. One could also consider pick-and-shovel plays in the industry as well. This would include charging stations, batteries, and electric motors among others.
Take Allego (NYSE: ALLG) for instance. Last week, the pan-European EV charging network announced a partnership with fuel station operator G&V Energy Group. In brief, Allego will install Ultra-Fast Electric Vehicle charging stations at 100 fuel stations in Belgium. This came after Allego recently reported its full-year 2021 results. According to the press release, 2021 revenue increased 95% year-over-year as the number of charging sessions increased 65%. Besides, the company had approximately 31,000 public charging ports at the end of 2021, an increase of 40% from a year ago. Given these exciting developments in the EV infrastructure space, be sure to check out these four EV charging stocks in the stock market today.
EV Charging Stocks To Buy [Or Sell] Right Now
- Wallbox N.V. (NYSE: WBX)
- Blink Charging Company (NASDAQ: BLNK)
- Solid Power Inc. (NASDAQ: SLDP)
- EVgo Inc. (NASDAQ: EVGO)
Wallbox
Kicking us off today is Wallbox. In short, it is a company that creates EV charging and energy management systems. These essentially enable users to control their power consumption and save money. Its main product is the Pulsar Plus, which is a compact yet powerful and fast EV charger at home. The company also offers a vast portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 80 countries. Earlier this month, Wallbox announced its financial results for the quarter ended March 31, 2022.
According to its earnings release, the company generated roughly $30.28 million worth of revenue, rising by 192% compared to the first quarter last year. As for its margins, Wallbox managed to achieve gross margins of 41.4%. And on top of that, Wallbox sold approximately 51,000 chargers in the past quarter, marking an increase of over 180% year-over-year. Another notable stride Wallbox made in the past quarter would be its introduction of the Quasar 2, its next-generation bi-directional DC charger. All in all, given the company’s results, is WBX stock a buy?
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Blink Charging
Following that, we have Blink Charging. The company is a provider of EV charging equipment and charging services. Blink’s principal line of products and services includes its Blink Network and EV supply equipment. For a sense of scale, the company currently operates over 30,000 charging ports across 13 countries. In addition, its charging stations are linked via its global network, allowing users to conveniently charge at any of its locations worldwide. BLNK stock has been under pressure for the past year, declining by over 50% during the period. Could things be turning around soon?
Two weeks ago, the company announced record first-quarter results. Blink saw its total revenues soar to $9.8 million, a massive 339% increase year-over-year from $2.23 million. The company attributes this massive growth in revenue to increased product sales and service revenues, which rose by 382% and 346% respectively. Next to that, the company also sees 3,174 charging stations contracted or sold, a 99% year-over-year increase. Blink also expects this momentum to persist through 2022. As such, would BLNK stock make your list of top electric vehicle charging stocks to buy right now?
Solid Power
Another name to watch in the EV industry is Solid Power. Essentially, the company is a developer of next-generation all-solid-state battery technology. It believes that the future of the automotive industry will revolve around clean, sustainable, and battery-powered mobility. For the uninitiated, Solid Power is a relatively young company in the stock market, making its debut in December last year after the completion of a SPAC merger. Besides that, the company also has extensive partnerships with both BMW (OTCMKTS: BMWYY) and Ford (NYSE: F). SLDP stock has been moving sideways for most of the year.
In the company’s March earnings release, Solid Power reported a revenue of $2.2 million, a 358% year-over-year increase compared to $480 thousand in the same quarter last year. Next to that, the company’s net loss increased to $10.3 million during the quarter. However, the company attributes this loss to the expenses incurred from planned investments in product development and the scaling of operations. Financials aside, one of the key highlights from the report was the company’s EV cell pilot line. Namely, the installation process will soon be completed and is expected to start producing EV-scale cells for internal testing during the third quarter. All things considered, would you include SLDP stock on your watchlist?
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EVgo
Finally, we have EVgo, a company that owns and operates the nation’s largest public direct current fast-charging network. With more than 800 fast-charging locations, EVgo’s charging network serves over 68 metropolitan areas across 35 states. Its network is powered by renewable electricity using renewable energy certificates. Therefore, EVgo caters to the EV industry by providing EV charging infrastructure to consumers and businesses. On May 11, the company posted its first-quarter 2022 results.
Diving in, EVgo brought in a revenue of $7.7 million in the first quarter of 2022. For comparison, this signals an increase of 86% from the $4.13 million in 2021. This revenue growth was primarily driven by higher retail and fleet charging revenues. As for its charging stalls, EVgo ended the quarter with 2,110 stalls in operation or under construction. This would mean 129 new stalls in operation during the quarter.
CEO Cathy Zoi shared, “We continue to work with a number of partners to develop, and in some cases accelerate, plans for new EV charging stations across the U.S. This growth is evident in new product innovations and partnerships like those with Chase Bank, which selected EVgo to build our DC fast chargers at approximately 50 of their retail locations.” Given EVgo’s growth prospects, will you be watching EVGO stock?
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