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EVgo Inc. (NASDAQ:EVGO) shares are trading higher Friday as EV stocks rally on multiple catalysts. Here's a look at what's going on.
What To Know:
Multiple EV makers, including Lucid Group, Inc. (NASDAQ:LCID) and Tesla, Inc. (NASDAQ:TSLA) reported better-than-expected second-quarter vehicle deliveries across the board which signaled to investors the recent "EV Winter" may be over. Tesla shares rallied more than 40% in the past two weeks before pulling back on news that its Robotaxi event will be delayed.
Benchmark analyst Michael Legg maintained a Buy rating on EVgo Friday and raised the price target from $3 to $5.
Read Next: What’s Going On With Lucid Group Stock?
Additionally, Thursday's June inflation data came in cooler-than-expected and ignited a rally in small cap stocks and sectors with heavy debt loads, including EV-related stocks. The Consumer Price Index marked its lowest print since May 2020 with headline CPI inflation slowing from 3.3% in May 2024 to 3% in June 2024.
Retail investors are piling into heavily-shorted stocks on Friday which may also be contributing to the rise in EVgo shares. According to data from Benzinga Pro, more than double the stock’s 100-day average volume has been traded in Friday's session and 31.69% of Evgo shares are being sold short.
By now you're likely curious about how to participate in the market for EVgo – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of EVgo, which is trading at $3.90 as of publishing time, $100 would buy you 25.64 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
EVGO Price Action: According to Benzinga Pro, EVgo shares are up 14.1% at $3.84 at the time of publication Friday.
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Image: from Pixabay
