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- 1 EVgo has revenue grew to $25.3 Million in the first quarter which represent a growth of 229% in year over year
- 2 EVGO stock price suggests a recovery in the daily chart.It has seen a growth of 7% in the intraday session
EVgo is a leader in EV charging solutions with a mission to increase the adoption rate of Electric vehicles. They have more than 850 charging stations which are present in the 30 states of the USA. The company also has a network in 60 metropolitan cities. EVgo is currently working to triple their network in the next five years. They also have a 98% network uptime with more than 500,000 customers across the globe. The company also offers a subscription plan which starts at $0.99.
EVgo has seen a strong growth in the financials for the current quarter. The company revenue grew to $25.3 Million in the current fiscal quarter. It represents a growth of over 229% year over year. The network throughput of the company surged by more than 124% in the present quarter. EVgo also added 67,000 new customer accounts this quarter.
EVgo has a market cap of $1.171 Billion with a strong growth in the recent quarters. The stock price is currently more than 60% below the 52-week high. The company may see a strong growth in the upcoming years.
Is EVGO Stock Price Ready For $8?
EVGO stock price has been in a bearish momentum on the weekly chart. On the daily chart, the asset price has given a breakout from the downside parallel channel. EVGO stock price is currently trading near the value of $3.93 with a small gain in the intraday session. The upside trend of the stock price can see a halt near the value of $6. Meanwhile, the support of the asset price can be seen near $3. EVGO is currently trading below the 50 and 100 DMA with a negative crossover in the past. If the asset price climbs over the DMA then a strong momentum can be observed.
The RSI of the asset price is near 42 with a small positive slope in it. The overall sentiment of the indicator is bullish.
Summary
EVgo reported strong growth this quarter with higher revenue. EVGO stock price is currently in recovery mode and could see a new high in the future.
Technical Levels
Major Support:$3
Major Resistance:$6
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
