- EVgo reported revenue more than 36% above consensus.
- EVGO stock jumped 22% on Thursday as up another 2% in Friday's premarket.
- NASDAQ futures are flat, while Dow, S&P 500 slightly up on Friday.
- EVGO saw revenue jump 283% YOY.
EVgo (EVGO) stock has added another 1.9% in Friday's premarket one day after surging 22% on the back of a major quarterly sales beat. The stock is trading up to $7.20 a share at the time of writing, and it appears bulls have their sights set on the $7.50 resistance level.
NASDAQ futures are flat in the premarket, while Dow and S&P 500 futures are up 0.2%.
EVgo stock news: Sales begin to pick up
EVgo finally got around to releasing results from the fourth quarter ending in December 2022. EVgo reported sales of $27.3 milllion, well out in front of Wall Street's expectation for $20 million. On top of that EVgo's EBITDA loss of $20.1 million was about $4 million better than consensus forecasts.
The company improved its overall results by boosting its electric vehicle charging infrastructure. EVgo had 2,800 charging stations in operation or under construction at the end of the fourth quarter, which amounts to a 47% rise YoY.
“In 2022 EVgo achieved record revenue reflecting the continued growth of EVgo’s ultrafast DC charging network,” enthused CEO Cathy Zoi in the press release accompanying the quarterly results.
Guidance for 2023 revenue was given a wide window from $105 million to $150 million. Though Wall Street consensus for the full year is toward the top of that range at $144 million, the market did not seem to be bothered. Instead, it took Q4's YoY revenue growth of 283% as the primary headline.
EVgo lost just $17 million in the quarter and sold 1.6 million common shares to raise $10.4 million in net proceeds. The company added 59,000 new users in the quarter, and now has a total of 553,000. That last figure is up 63% over 2021. It should continue to grow as the company has a pipeline of more than 4,000 new charging stalls under contract to build.
EVgo stock forecast
EVgo stock ran right into hefty resistance at $7.50 on Thursday. That price level served as an obstacle during October 2022. A break there would let bulls attempt to test further resistance at $8.70 from September 2022. In the meantime $7 should provied some support as it did last November.
EVGO daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.