Recargo, an e-mobility software company and a subsidiary of California-based EVgo, Inc. (EVGO), announced that its PlugShare platform has crossed one million downloads since the beginning of 2021 for the first time in the app’s history.
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EVgo runs a fast-charging network for EVs. The network, which is completely powered by renewable energy, has over 800 fast-charging locations spread across 68 metropolitan areas in 35 U.S. states.
The company’s shares closed 4.1% down on Friday and lost another 0.9% in the extended trading session.
About PlugShare
The PlugShare platform helps EV drivers access public chargers. It also allows drivers to share location-specific feedback and experiences, helping other drivers to plan long- and short-range EV trips.
Drivers can use the PlugScore feature to rate their charging experiences, as well as use Pay With PlugShare at select charging networks.
Further, PlugShare provides sophisticated data tools, reports, custom consulting, and comprehensive research on EVs. (See Insiders’ Hot Stocks on TipRanks)
CEO Comments
The President and CEO of Recargo, Nick Wild, said, “The recent influx of reviews on the PlugShare platform is a testament to the growing demand for EVs and the charging infrastructure new and existing EV drivers use to go electric.”
Wall Street’s Take
Recently, J.P. Morgan (JPM) analyst Bill Peterson initiated coverage on the stock with a Buy rating and a price target of $20 (62.5% upside potential).
The analyst said, “EVgo has attractive and growing partnerships with automakers, ride-share and autonomous driving fleets.”
Overall, the stock has a Hold consensus rating based on 2 Buys, 3 Holds, and 1 Sell. The average EVgo price target of $15.67 implies a 27.3% upside potential. Shares have gained 17.2% over the past year.
Risk Analysis
According to TipRanks’ Risk Factors tool, EVgo is at risk mainly from one factor: Finance & Corporate, which accounts for 83% of the total 65 risks identified for the stock. Under the Finance & Corporate risk category, the company has 54 risks, details of which can be found on the TipRanks website.
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