3 EV charging stocks to buy for explosive growth

The transition to electric vehicles is underway and will benefit various suppliers, such as electric car manufacturers, software providers, battery producers, electric vehicle charging stocks and lithium miners. Investors can choose to invest directly in electric car stocks or companies that make EV batteries to benefit from this megatrend.

Since owning electric vehicle stocks can be uncertain, it is instead advisable to diversify through exchange-traded funds or index funds. Despite the speculative nature of the EV market, some exciting EV growth stocks are still available. Here are three electric vehicle charging actions to consider.

Charging station (CHPT)

Charging point (NYSE:CHPT) is a dominant player in the electric vehicle charging sector, present in more than 14 countries. It has a strong position in the US market and should benefit from the growing adoption of electric vehicles. With forecasts that exceed 50% increase in turnover in the years to come, the company should maintain its excellent growth in turnover.

ChargePoint has consistently demonstrated 90-100% revenue growth over the past five quarters. Although it has faced declining profits, analysts predict it will start to cut losses by next year. This could create significant growth opportunities for investors.

Despite a 30% drop in CHPT shares over the past year, the company’s track record provides hope for its future. The company currently serves 80% of Fortune 50 companies, and as these companies integrate more electric vehicles into their fleets, CHPT’s revenues and profits are expected to grow. Given its outstanding achievements and competitive advantage, it is reasonable to predict that the company will collapse in the next three years.

After the market closes, ChargePoint Holdings, a leading electric vehicle charging network, will announce its Q1 financial results to June 1, 2023. Management will host a conference call the same day at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) to discuss the results.

Flashing Charge (BLNK)

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Invest in flashing charging (NASDAQ:BLNK) could be a promising opportunity for those looking to invest in the clean energy vehicle infrastructure sector. The company intends to expand at home and abroad, but the value of its shares has not yet fully represented this possibility. Investors could reap significant long-term gains by investing in the company now, although some volatility can be expected.

Blink Charging’s reach extends beyond the United States with strong global expansion. Recently they rebranded EB Charging to Blink Charging UK after acquiring the business in April 2022. This strategic move adds over 1,225 chargers to their footprint in the UK and Ireland.

Flashing load is expand nationally and internationally, with contracts in the US, UK and India. Nevertheless, many shareholders disregard the company’s ability to thrive in the world, creating a chance to participate in its expansion. Despite the volatility, BLNK stock is likely to provide excellent long-term returns.

EVgo (EVGO)

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EVgo (NASDAQ:EVGO) is set to expands its fast charging network in California without spending any of its own funds, thanks to a $6.6 million grant from the state. This move will add more than 100 DC fast-charging stations at 17 locations in central and eastern California, which will significantly increase the company’s revenue and bottom line and help drive the stock price higher. EVGO stock. With strong EV penetration in California, EVgo is one of the best EV charging growth stocks as it continues to expand rapidly. Analysts predict the company’s revenue will reach $140 million in 2023 and $266.6 million in 2024.

EVgo has published its Fourth Quarter Earnings Report March 30, posting a 283% year-over-year increase in revenue to $27.3 million. The company’s annual revenue increased 146% to $54.6 million. EVgo added approximately 670 new charging stations in 2022, bringing its total number of stations to 2,800. While analysts have differing opinions on EVgo’s prospects, many investors and hedge funds are confident in its ability to provide charging solutions to the growing electric vehicle market, supported by environmentally friendly policies and the growing adoption of electric vehicles.

Although EVgo’s revenue forecast for 2023 was lower than expected, the company still expects revenue to more than double. Analysts say losses are expected to decline over the next two years. Overall, EVgo is poised to grow due to its growing user base, growing revenue, and moving towards profitability.

As of the date of publication, Chris MacDonald had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.