Why EVgo Stock Blasted 10% Higher This Week

Key Points

• The electric vehicle charging station company was tapped for an honor from a well-known publication.

• It also received high marks from an analyst tracking its fortunes.

• 10 stocks we like better than EVgo ›

Electric vehicle (EV) charging station specialist EVgo (NASDAQ: EVGO) was all go for investors over the past few days. According to data compiled by S&P Global Market Intelligence, the infrastructure builder's shares motored 10% higher during the week. That rise was powered by a magazine naming the company a top operator in its field and it being the subject of a bullish new analyst note.

The news was good over the week

Although Newsweek isn't quite the influential, must-read publication it was in years past, it still carries some weight in the media world (and for investors). On Thursday, the publication announced that EVgo is on the list of its "America's Greatest Companies 2025."

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Image source: Getty Images.

Newsweek rates the 650-strong list's inductees on a scale of one to five stars. EVgo received nearly the maximum, with 4.5 stars. The magazine quoted its editor-in-chief, Jennifer Cunningham, as saying the included enterprises are "operating at the highest caliber when it comes to business performance."

This only enhanced the bullish analyst note published the day before by Stifel analyst Stephen Gengaro. In the update, Gengaro reiterated his buy recommendation and accompanying $8 per share price target on EVgo stock.

Electric quarterly results

It isn't too hard to be optimistic about EVgo's future these days, following its release last week of second-quarter results. Although the company didn't book a headline net profit, its bottom-line performance slightly exceeded expectations, while it beat convincingly on revenue. And although sales growth of EVs has slowed lately, they are still a go-to solution for car owners wishing to drive greener vehicles.

Should you invest $1,000 in EVgo right now?

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.