Why Allego Stock Was Zooming Higher This Week
The stock of European electric vehicle (EV) charge point specialist Allego (NYSE: ALLG) produced quite the spark for investors this week. According to data compiled by S&P Global Market Intelligence, the company's share price has advanced by almost 18% week to date as of Friday before market hours. Powering that performance was the company's latest set of quarterly earnings.
For its third quarter, Allego's revenue more than doubled year over year, rising to 22.3 million euros ($23.1 million) from the 10.9 million euros ($11.3 million) of the same period of 2021. That was on the back of a 107% leap in the company's main revenue earner, the take from EV charging sessions, which brought in 14.4 million euros ($14.9 million) this third quarter.
A notable factor in that revenue leap from charging sessions was simply volume -- the number of such sessions rose by almost 37% to 2.2 million.
Source Fool.com
