EVGO - Why EVgo ChargePoint and QuantumScape Moved Higher Today
2023-03-30 14:07:44 ET
Charging infrastructure company EVgo (NASDAQ: EVGO) sparked a rally in several electric vehicle (EV) sector names Thursday morning after it blew away fourth-quarter expectations. EVgo shares shot up 30% before paring some of those gains.
As of 1:40 p.m. ET, the stock remained higher by 23%. Fellow charging network company ChargePoint Holdings (NYSE: CHPT) and EV battery technology company QuantumScape (NYSE: QS) also rose by as much as 5% and 3.5%, respectively, at the day's highs. Excitement for those stocks waned some with ChargePoint higher by just 0.7% and QuantumScape nearly breakeven by early afternoon.
EVgo surprised investors with revenue of $27.3 million in the fourth quarter when analysts expected a range of just $20 million to $22 million. That represented an increase of 283% compared to the prior-year period. The company also beat on the bottom line, reporting a $0.06 loss per share versus an expected loss of $0.16 per share.
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Why EVgo, ChargePoint, and QuantumScape Moved Higher Today