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EVgo Stock: Buy, Sell, or Hold?

TheMotleyFool

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EVgo (NASDAQ: EVGO), a leading builder of EV charging networks, went public in July 2021 by merging with a special purpose acquisition company (SPAC). The combined company's stock opened at $15.05 on its first day, but it now trades at about $4.

Like many other SPAC-backed EV companies, EVgo overpromised and underdelivered. In its pre-merger presentation, it claimed it could grow its revenue from an estimated $20 million in 2021 to $166 million in 2023. It got off to a good start by generating $22 million in revenue in 2021, but that figure only rose to $161 million in 2023.

Image source: Getty Images.

Source Fool.com

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