Shares of electric vehicle charging company EVgo (NASDAQ:EVGO) jumped 3.4% in the afternoon session after the stock's positive momentum continued as the company, alongside partners Pilot Company and General Motors, announced its joint electric vehicle fast-charging network has expanded to over 200 locations.

The network now includes more than 200 Pilot and Flying J locations across approximately 40 states, deploying nearly 850 high-power charging stalls. The partners are aiming to have 1,000 stalls operational by the end of 2025. Following the announcement, Cantor Fitzgerald reiterated its "Overweight" rating and $7 price target on EVgo, citing the company's strong momentum. The positive development is supported by the continuation of the National EV Infrastructure Formula Program, a $5 billion government initiative to build out charging stations. This progress reinforces a broader positive sentiment among analysts, who hold a consensus "Strong Buy" rating on the stock.

After the initial pop the shares cooled down to $4.24, up 3% from previous close.

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EVgo’s shares are extremely volatile and have had 54 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 4 days ago when the stock gained 3.8% on the news that the company, along with partners Pilot Company and General Motors, announced a major milestone in the expansion of its U.S. fast-charging network.

EVgo is up 1.1% since the beginning of the year, but at $4.24 per share, it is still trading 52.6% below its 52-week high of $8.94 from October 2024. Investors who bought $1,000 worth of EVgo’s shares at the IPO in November 2020 would now be looking at an investment worth $431.64.

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