Some seasoned investment gurus are saying there's still a lot of room for the US stock market to drop. But hey, if the market goes into a tailspin, it might just be the silver lining for these electric vehicle charging stocks like $ChargePoint Holdings Inc.(CHPT)$ $Blink Charging(BLNK)$ $EVgo Inc.(EVGO)$.
Their valuations are likely to hit those irresistibly low buy zones, giving investors a chance to get in on the action at rock-bottom prices.
1. ChargePoint
$ChargePoint Holdings Inc.(CHPT)$ is one of the world's largest EV charging networks. Its stock price has taken a tumble recently, bringing its price-to-sales ratio down to a sweet 1.1 times. Despite some slowdown in revenue growth in recent years, analysts still expect it to keep chugging along.
In a market crash, this EV charging stock's valuation could improve significantly. And its fundamentals are solid, paving the way for it to outperform its peers.
Plus, ChargePoint has a net cash position of $56.76 million. But its Altman Z-score is -2.04, indicating a higher risk of bankruptcy. So maybe we should factor that into the valuation.
2. Blink Charging
$Blink Charging(BLNK)$ raked in $42.71 million in revenue in the fourth quarter, an 88.9% increase year-on-year. That's a solid foundation for its stock price to soar. And the company exceeded expectations in several key revenue categories like product sales, charging services, and car-sharing services.
Blink Charging's price-to-sales ratio stands at 1.74 times and forward P/S is 1.4 times. That's attractive when you compare it to its revenue-generating capabilities.
But hey, let's not forget the elephant in the room - the company posted a whopping $203.69 million loss in the past 12 months. But if the market crashes and this stock tanks, it might be worth a nibble.
3.EVgo
$EVgo Inc.(EVGO)$ revenue shot up in the fourth quarter of 2023, growing steadily compared to the same period last year. In 2024, EVGO plans to expand its charging infrastructure to meet the growing demand for EV charging solutions.
Operationally, EVgo achieved record network throughput, hitting 130 gigawatt-hours in 2023, a whopping 189% increase year-on-year. By the end of 2023, they had over 3,500 charging stations operational or under construction.
And for 2024, management expects total revenue to be between $220 million and $270 million, with EBITDA ranging from a negative $48 million to anegative $30 million.
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