We recently published a list of the 11 Most Promising Penny Stocks According to Analysts. In this article, we are going to take a look at where EVgo Inc. (NASDAQ:EVGO) stands against other promising penny stocks. Solus’ Dan Greenhaus, and Invesco’s Brian Levitt together appeared on CNBC’s ‘Closing Bell’ on April 15 to talk about tariffs, market uncertainty, and risk concerns. The discussion started with Dan Greenhaus expressing his belief that many worst-case scenarios are already priced into the market. He acknowledged that he’s cautious but not overly worried. He pointed out recent events, like the exemptions on auto part imports and the 90-day delay on tariff implementation, as evidence that President Trump is listening to advisors and avoiding pushing toward extreme outcomes. Greenhaus attributed these actions to the rebound seen in the stock market. At the same time, he agreed that the administration has been rather inconsistent, in the context of Morgan Stanley’s comment that investors should prepare for more inconsistencies. But he argued that many investors are assuming scenarios closer to the worst rather than the best. He emphasized that while frightening predictions about skyrocketing prices are taking over media right now, these scenarios are unlikely to materialize. Brian Levitt built on Greenhaus’ optimism while acknowledging the ongoing uncertainty as well. He attributed this uncertainty to the reliance on decisions from the White House rather than traditional policy mechanisms. He compared the current situation to 2018 when markets fell 20% in a quarter before rebounding due to trade pauses and Fed intervention. He cautioned that the current S&P 500 multiples are not at recession levels so there are potential downside risks if uncertainty remains. While Levitt thinks that business investment and consumer confidence metrics show signs of prolonged volatility, Greenhaus further emphasizes that periods of heightened uncertainty often end up presenting long-term investment opportunities. He acknowledged risks such as sudden tariff increases but also encouraged investors to take advantage of these moments when risk premiums rise.

Our Methodology

We sifted through the Finviz stock screener to compile a list of the top penny stocks that were trading below $5 and had the highest analysts’ upside potential (at least 40%). The stocks are ranked in ascending order of their upside potential. We have also added the hedge fund sentiment for each stock, as of Q4 2024, which was sourced from Insider Monkey’s database. Note: All data was sourced on April 15. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

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Is EVgo Inc. (NASDAQ:EVGO) the Most Promising Penny Stock According to Analysts?

A businessman plugging in to a public charging station, symbolizing the services provided by the company.

EVgo Inc. (NASDAQ:EVGO)

Share Price as of April 15: $2.71Number of Hedge Fund Holders: 37Average Upside Potential as of April 15: 139.85% EVgo Inc. (NASDAQ:EVGO) owns and operates a direct current fast-charging network for EVs in the US. It offers electricity directly to drivers, OEM charging & related services, fleet & rideshare public charging services, and commercial charging. It also provides ancillary services, such as charging data integration, loyalty programs, microtargeted advertising, and charging reservations. In 2024, the company’s Public Charging Network business made $155.7 million in revenue, which was an improvement of 110% year-over-year. This growth is linked to increased usage by EV drivers. The average daily energy dispensed per public charger rose by 37% year-over-year. The utilization rate of EVgo’s public chargers reached 24% in Q4 2024, which was up 19%. In the last 3 months of 2024, EVgo added a record 480 new charging stalls, which contributed to a total of 1,200+ new stalls added throughout the entire year. This brought the total operational public charging infrastructure to more than 4,000 stalls. This expansion also included the deployment of faster 350-kilowatt chargers, which now power 50% of EVgo’s charging locations. EVgo Inc. (NASDAQ:EVGO) plans to install an additional 800 to 900 new public charging stalls in 2025. Overall, EVGO ranks 6th on our list of the most promising penny stocks according to analysts. While we acknowledge the growth potential of EVGO, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than EVGO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.