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(C) Reuters. Is EVgo a Good Electric Vehicle Charging Stock to Add to Your Portfolio?

Shares of electric vehicle (EV) fast-charging network provider EVgo (EVGO) has fallen 68% from it’s high set in January of this year as investors remain concerned about its expanding losses and dilution of shareholder value. Given the stiff competition in the EV charging industry, can the stock rebound in the near term?.Electric vehicle charging company EVgo Inc. (EVGO) is America’s largest public fast-charging network with more than 800 fast-charging locations. It is also the first charging company in terms of using 100% renewable energy. The stock went public on July 2 after its merger with a special purpose acquisition company Climate Change Crisis Real Impact I Acquisition Corp. However, EVGO’s stock price has dropped 68% since hitting its 52-week high of $24.34 in January.

While an expansion of its EVgo Fleet Charging Solutions and a substantial uptick in EV adoption have led to its customer count exceeding the 300,000 mark, EVGO’s operational losses have widened significantly in the last reported quarter. In addition, the issuance of more than 18 million of its common stock in connection to the exercise of warrants and increased competition in the EV charging market could reinforce negative sentiment in the stock.

Here’s what could influence EVGO’s performance in the near term:

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Is EVgo a Good Electric Vehicle Charging Stock to Add to Your Portfolio?

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Is EVgo a Good Electric Vehicle Charging Stock to Add to Your Portfolio?

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