EVgo Inc. (NASDAQ:EVGO) is one of the 10 most shorted penny stocks to buy.
On March 13, Morgan Stanley reduced the price target on EVgo Inc. (NASDAQ:EVGO) from $4.50 to $3.50, which still results in an upside potential of more than 60%. The firm maintained an Equal Weight rating on the stock following its fourth-quarter results.
Based on the firm’s analysis, the guidance for fiscal 2026 was softer than expected. Nevertheless, the long-term outlook for EVgo Inc. (NASDAQ:EVGO) remains favorable, making it one of the most heavily shorted and attractive penny stocks right now.
Back in mid-March, Cantor Fitzgerald reaffirmed its Overweight rating on EVgo Inc. (NASDAQ:EVGO), noting the company’s high usage rate and increased network capacity. The firm noted that EVgo has added over 500 DC Fast charging stalls to its network during the fourth quarter, resulting in a total network of 5,100 stalls. The average utilization rate of chargers during the quarter was at 24%, one of the highest utilization rates in North America.
The price target on EVgo by Cantor Fitzgerald was revised to $6.00 from $7.00, which still yields a highly impressive upside potential of more than 175%.
EVgo, Inc. (NASDAQ:EVGO) is the owner and operator of a direct current fast charging network for electric vehicles. Its product offerings include original equipment manufacturer charging and related services, commercial charging, charging data integration, and microtargeted advertising. Additionally, it provides hardware, design, and construction services for charging sites, maintenance, networking, software integration, equipment procurement, and more.
While we acknowledge the potential of EVGO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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