The fallout from a slowdown in EV demand continues to spread beyond just the makers of electric vehicles.
One group that has seen double-digit declines in the past 12 months is charging network stocks.
Shares of network operator Blink (BLNK) are down roughly 64% over the past year while charging hardware and software maker ChargePoint (CHPT) is 81% lower during the same period. Network owner and operator EVgo’s (EVGO) stock is down 55% in the past year.
All are trading below their consensus target prices.
“Similar to the EV space as a whole, particularly in the last half of 2023, you saw the space come under pressure from a stock price perspective … EV charging has had [a] similar performance,” Brett Castelli, equity analyst at Morningstar, told Yahoo Finance. Castelli has a Hold rating on both charging stocks he covers, ChargePoint and EVgo.
Charging network companies face a tough…
