"Similar to the EV space as a whole, particularly in the last half of 2023, you saw the space come under pressure from a stock price perspective ... EV charging has had similar performance," Brett Castelli, equity analyst at Morningstar, told Yahoo Finance. Castelli has a Hold rating on both charging stocks he covers, ChargePoint and EVgo.Adding to investor concerns is that the smaller players in this market aren't fully profitable yet.
"There's a gold rush right now to capture these federal funds because it can cover a material part of the cost of a charging station. We're not talking 10%, we're talking half of a charging station cost," he added.Vermont, California, and Massachusetts topped the friendliest states, while Mississippi, Louisiana, and Alaska were the least friendly states. The most improved state for charging friendliness was Connecticut, while Alaska took the spot for the least improved.
Earlier this week EVgo stock soared more than 10% after the owner and operator of direct-current fast chargers reported its customer accounts jumped by 60% year over year and its top line almost tripled, most of it stemming from charging revenue.) is aiming to use electric vehicles for 100% of rides offered in the US by 2030.
"Utilization data reveals that DCFCs, once deemed poor investments due to low utilization, are now becoming profitable across many US states" according to the research, which does not include Tesla superchargers. -- After recovering from a near-death experience during the most recent crypto winter, Bitcoin miners are back in survival mode — spending billions of dollars on equipment and drawing energy at a record pace ahead of an update in the digital currency’s code that threatens revenue streams.
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