Why EVGo Stock Is Moving

EVgo Inc EVGO shares are trading lower by 4% to $3.71 during Thursday's session. The stock is falling in sympathy with peer EV charging company ChargePoint Holdings Inc after the company reported worse-than-expected second-quarter results.

The EV charging industry is relatively small and competitive. Companies within the industry are often viewed as peers or competitors. When one significant player like ChargePoint reports disappointing earnings, it can cast a shadow of uncertainty over the entire industry.

Investors may worry that if one company in the sector is facing challenges or slower growth, it could be indicative of broader industry headwinds.

What Happened?

ChargePoint Holdings disclosed its quarterly financial performance, revealing a net loss of 24 cents per share. This figure fell short of the analyst consensus estimate of a loss of 15 cents.

Additionally, the company reported quarterly sales totaling $150.49 million, which were slightly below the analyst consensus estimate of $153.24 million by 1.79 percent.

This figure indicates a 39% increase in sales when compared to the $108.29 million reported during the same period in the preceding year...Read More

According to data from Benzinga Pro, EVGO has a 52-week high of $10.55 and a 52-week low of $3.45.