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Steer Clear Of This Electric Vehicle Play

To an old timer like me, one of the most striking and quite frankly frightening things about the stock market over the last few years is how stock prices in some cases have become completely detached from reality, or at least from any conventional measure of value. With so much freely available analysis and information, certain narratives gain traction quickly and tend to maintain momentum way beyond their logical endpoint, particularly when the story and investment thesis are obvious in nature.

After they released earnings on Wednesday and the stock powered higher once more, the charging company EVgo (EVGO) is starting to look like one of those narratives, but at this point, the facts don’t match with the current valuation.

There is no doubt about the potential of EVgo. As you may imagine based on their name, they are an EV charging company, a business with massive, and obvious, growth prospects. I have pointed out before that while the growth of EV sales in general has been spectacular, they still only account for a tiny percentage of vehicles on the road globally. As I said, massive and obvious growth potential, but that means nothing if a company can’t harness it and make money while doing so. So far, EVgo hasn’t been able to do that.

They are growing, for sure. Wednesday’s numbers showed beats on both top and bottom lines with 52% year-on-year revenue growth. The problem is that they have become one of those companies who…





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