What Happened?
Shares of electric vehicle charging company EVgo (NASDAQ: EVGO) jumped 3.8% in the morning session after the company, along with partners Pilot Company and General Motors, announced a major milestone in the expansion of its U.S. fast-charging network.
The collaboration has successfully opened over 200 fast-charging locations, deploying nearly 850 new charging stalls across almost 40 states. This achievement is part of a larger strategic plan, initiated in 2022, to install up to 2,000 fast-charging stalls at 500 Pilot and Flying J travel centers. The expansion is aimed at bridging critical gaps in EV charging infrastructure along major travel routes, especially in rural areas, thereby facilitating long-distance travel for electric vehicle owners. The partners anticipate reaching 1,000 operational stalls by the end of 2025.
After the initial pop the shares cooled down to $3.98, up 4.1% from previous close.
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What Is The Market Telling Us
EVgo’s shares are extremely volatile and have had 54 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 21 days ago when the stock dropped 3.7% on the news that President Donald Trump announced his administration would not approve new solar or wind power projects, causing a sell-off in the renewable energy sector. The move came after President Donald Trump posted on his social media platform, Truth Social, that "We will not approve wind or farmer destroying Solar," adding, "The days of stupidity are over in the USA!!!" This statement escalated his campaign against renewable energy development. The remarks prompted a sector-wide sell-off, pressuring solar and wind stocks broadly. Other renewable energy companies also saw their shares plummet following the announcement, reflecting investor concern over the future of green energy projects under his administration.
EVgo is down 5.1% since the beginning of the year, and at $3.98 per share, it is trading 55.5% below its 52-week high of $8.94 from October 2024. Investors who bought $1,000 worth of EVgo’s shares at the IPO in November 2020 would now be looking at an investment worth $405.14.
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