Last Updated: 19 Sep 2024
Executive Summary
Evgo Inc. (EVGO) is a leading provider of electric vehicle (EV) charging solutions in the United States. The company operates a network of over 800 fast-charging stations in 35 states. EVGO's revenue has grown rapidly in recent years, driven by the increasing adoption of EVs. However, the company is still unprofitable and faces competition from other EV charging companies.
Company Overview
Evgo Inc. was founded in 2010 and is headquartered in Princeton, New Jersey. The company's mission is to "accelerate the adoption of electric vehicles by providing a reliable and convenient charging network." EVGO's charging stations are located in a variety of locations, including retail centers, office buildings, and public parking garages. The company also offers a mobile app that allows users to find and pay for charging sessions.
Fundamental Analysis
EVGO's financial performance has been mixed in recent years. The company's revenue has grown rapidly, but it has yet to turn a profit. In 2023, EVGO reported revenue of $206.9 million, up 31.8% year-over-year. However, the company also reported a net loss of $81.1 million, or $0.40 per share.
EVGO's gross margin has been declining in recent quarters, due to rising costs of electricity and other expenses. The company's operating margin was -46.0% in 2023, down from -37.8% in 2022.
EVGO's balance sheet is relatively strong. The company has $234.6 million in cash and equivalents and $1.2 billion in total debt. EVGO's debt-to-equity ratio is 1.1, which is relatively low for a company in the EV charging industry.
Technical Analysis
EVGO's stock price has been volatile in recent months. The stock hit a 52-week high of $4.80 in January 2023, but it has since fallen to $4.41. The stock's 50-day moving average is $3.881, and its 200-day moving average is $2.823.
EVGO's relative strength index (RSI) is currently 45.7, which indicates that the stock is neither overbought nor oversold. The stock's moving average convergence divergence (MACD) is also neutral.
Short Term Outlook
EVGO's short-term outlook is uncertain. The company faces competition from other EV charging companies, and its financial performance has been mixed. However, the company's revenue is growing rapidly, and it has a strong balance sheet.
Long Term Outlook
EVGO's long-term outlook is positive. The adoption of EVs is expected to continue to grow in the coming years, and EVGO is well-positioned to benefit from this trend. The company has a strong network of charging stations, and it is investing in new technologies to improve its efficiency and profitability.
Analyst Recommendations
Analysts are generally positive on EVGO's long-term prospects. The average analyst price target for EVGO is $5.41, which represents a potential upside of 22.7% from the current price.
Disclaimer
The information contained in this report is for informational purposes only and should not be construed as investment advice. Please consult with a financial advisor before making any investment decisions.
