The 3 Best EV Charging Stocks to Buy in July 2024

Stocks to buy

If electric vehicles are the future, we desperately need more charging stations. As we wait for this to happen, now may be the time to buy some of the best EV charging stocks.

Not helping, the lack of charging stations has been a real turn-off for EV owners.  In fact, according to a new McKinsey report, 46% of EV owners said they’re likely to switch back to gas-powered vehicles because of the lack of charging infrastructure.

“Range anxiety and access to charging infrastructure have long been considered big barriers to electric-vehicle adoption, but the revelation that these same issues may drive current battery-powered car owners back into gas-powered cars is a new blow for the already rocky EV transition,” added Business Insider.

Sure, the Biden Administration set aside $7.5 billion for charging infrastructure. It also said it would add 500,000 EV charging stations by 2030. And while that’s six years away, we’re nowhere near that goal. Instead, seven have been set up. That’s not a typo.

As I typically said with EV charging articles, if the U.S. wants 50% of all cars sold in the U.S. to be electric, we have to get serious about charging infrastructure. All of which could boost EV sales, reverse range anxiety and positively charge some of the best EV charging stocks, such as:


Source: Sundry Photography /

When I mentioned EVgo (NASDAQ:EVGO) on June 21, Chief Executive Officer Badar Khan bought 125,000 shares at an average price of $2.05 for about $251,250. Analysts at Benchmark also gave it a “buy” rating with a $3 price target.

I also mentioned, “At $1.98, I’d buy and hold EVGO for the long haul. If and when the U.S. gets far more serious about EVs and EV charging stations, EVGO could see significant upside.” From that $1.98 price tag, EVGO is now up to $2.58 and could see further upside.

The stock is also getting a boost from the news that it’s opening a new fast-charging station in North Carolina with Regency Centers Corporation. To date, the two companies have opened more than 120 public fast-charging stalls at about 40 Regency properties in 10 states. Newer openings will happen in Maryland, Massachusetts and Texas over the next year, all of which should help boost shares of EVGO even higher.

Blink Charging (BLNK)

Source: Shutterstock

I also mentioned Blink Charging (NASDAQ:BLNK) on June 21, which traded at $2.65. Today, up a whopping $0.09 to $2.74, it’s still oversold but still a strong buy on weakness.

For one, Blink still holds its “in process” designation from the Federal Risk and Authorization Management Program for EV charging solutions. If Blink can achieve full accreditation from the agency, other government agencies can contract Blink for EV charging. That could potentially happen by the third quarter.

Two, earnings have been solid. In its most recent quarter, its EPS loss of $0.13 beat by $0.07. Revenue of $37.57 million, up 73% year over year, beat by $2.96 million. It also says it’ll achieve positive adjusted EBITDA by the end of this year.

I’d like to see BLNK rally back to $3.70 a share from its last traded price of $2.74. 

ChargePoint (CHPT)

Source: Michael Vi /

Another of the best EV charging stocks is ChargePoint (NYSE:CHPT), which is just starting to pivot from double-bottom support. A buy at its current price of $1.51, I’d like to see CHPT initially rally back to $2.40.  

Helping, CHPT just announced its software will be used in LG Electronics’ EV charging hardware. Even better, CHPT partnered with Porsche Cars North America (PCNA), allowing PCNA to access the ChargePoint network. That should also increase the number of chargers available to Porsche customers to 100,000 across the U.S.

Earnings have also been okay. Its EPS loss of $0.17 beat by $0.02. Revenue of $107.04 million, while down 17.7% year over year, beat by $1.4 million. Unfortunately, revenue guidance of $108 million to $118 million, compared to estimates of $122 million, wasn’t a hit with investors.

I’d use weakness as a long-term buying opportunity with CHPT. Near-term, I’d again like to see it test $2.40. If the U.S. gets serious about charging stations in the long term, I’d like to see it above $10 a share.

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Ian Cooper, a contributor to, has been analyzing stocks and options for web-based advisories since 1999.

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