Over the last few weeks, shares of EVgo (EVGO) ran from a low of about $2 to a high of $3.37.

 All after posting strong sales growth and solid guidance.

 For its fourth quarter, 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.

To see a super simple way to predict market direction, click here.

 “EVgo had a fantastic 2023 as we relentlessly focused on customer experience, a digital-first approach, and station development resulting in revenue growth that nearly tripled,” said Badar Khan, EVgo’s CEO, as quoted in a company press release.

 “Our throughput growth continues to significantly exceed growth in EVs in operation. We added over 930 new stalls during the year including opening the first NEVI-funded site in the U.S. in London, Ohio with the Pilot Company and GM.”

 We’d like to see EVGO initially refill its bearish gap around $3.60 from its current price of $3.02. From there, if there are further improvements with EVGO, it could double to $6.


Ian Cooper