PTRA - Allego rips 25% gain with investors plugging back into EV charging sector

2023-06-12 13:15:38 ET

Allego N.V. ( NYSE: ALLG ) soared on Monday with electric vehicle charging stocks back in the spotlight after both General Motors ( GM ) and Ford ( F ) worked out recent deals with Tesla ( TSLA ) to use the company's Supercharger network.

Netherlands-based Allego ( ALLG ) runs a pan-European public electric vehicle fast and ultrafast charging network that is anticipated to benefit as electric vehicle sales increase on the continent.

During Allego's ( ALLG ) last conference call, execs noted the company has secured backlog of more than 1.3K sites at the end of March. All of those sites have sign up or lease terms of an average of 15 years and include approximately 8.6K fast and ultrafast charging ports. "We are confident that the current high demand for electric vehicles in Europe will persist, propelling the acceleration of the e-mobility revolution," said CEO Mathieu Bonnet.

Later this week, Allego ( ALLG ) is participating in the Evercore ISI Global Clean Energy & Transition Technologies Summit in New York City and the Cantor Fitzgerald Technology Conference.

Shares of Allego N.V. ( ALLG ) were up 24.66% at 1:05 p.m. on Monday to $2.78 to mark their highest trading level since the middle part of March. Other EV charging-related stocks on the move included Blink Charging ( BLNK ) +8.0% , Wallbox ( WBX ) +9.3% Proterra ( PTRA ) +2.1% , and ChargePoint Holdings ( CHPT ) +4.2%

More on Allego:

• Allego earnings call transcript
• Valuation metrics on Allego
• Recent options trades on Allego
• Seeking Alpha's Quant Rating for Allego

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