<div id="readability-page-1"><img width="1152" height="720" src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/05/EVGO.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/05/EVGO.png"/>EVgo stock price has suffered a major reversal, falling by 40% from its highest level in October last year. It was trading at $3.05, with its market capitalization falling from $1.55 billion to $942 million today.EVgo’s performance mirrors the performance of other electric vehicle charging companies. Blink Charging stock dropped from a high of $2.65 in October to the current $0.8385.Similarly, ChargePoint stock dropped to a record low of $6.67, down by over 98% from its all-time high, with its market capitalization falling to $157 million.<h2>EVgo stock price has crashed despite encouraging metrics</h2>EVgo share price has been in a strong downward trend despite the ongoing revenue growth as the number of electric vehicles in the United States rise.The most recent results showed that the company’s revenue rose by 37% in the third quarter to $92.3 million. Most of this revenue came from its charging network, which made $55.8 million.EVgo continued adding more stores and charging stations in the United States. It ended the third quarter with 4,590 stores after it added 280 new DC chargers.The company has also continued to add more customers to the network, with accounts rising by 149,000 in the third quarter to 1.6 million.Additionally, while the company made a loss into the third quarter, the management expects to generate a positive EBITDA in the fourth quarter as it works towards profitability. Its adjusted EBITDA was a $5 million loss in the third quarter.<h2>Why the EVgo share price crashed </h2>There are a few reasons why the EVgo stock price has crashed in the past few months. First, there are concerns about the EV industry, which is expected to slow down in the foreseeable future. Indeed, some major American companies like General Motors and Ford have announced large writedowns for their EV businesses. Sales will likely continue falling after Donald Trump ended the EV tax credit last year.Second, analysts believe that EVgo’s revenue growth will continue to moderate. The average estimate is that its annual revenue growth was 43% in 2025 to $367 million. This revenue growth will then moderate to 28% this year, while the path towards profitability will take longer.Third, the company has become highly shorted, with the short interest rising to 25.5%. This number means that a substantial amount of shares are held by short sellers who expect the downtrend to continue.Additionally, the number of outstanding shares has continued rising, diluting existing shareholders. It now has 129 million common outstanding shares, up sharply from 68 million in 2022.On the positive side, EVgo has some of the best metrics and partnerships in the EV charging industry, meaning that its stock will eventually rebound once the negativity wanes.<h2>EVgo share price technical analysis </h2><figure><img width="1024" height="579" src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/EVgo-stock-1024x579.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/EVgo-stock-1024x579.png"/></figure>EVgo stock price chart | Source: TradingViewThe daily timeframe chart shows that the EVgo share price has retreated in the past few months, moving from a high of $5.18 in October to the current $3.05.It has remained below all moving averages, and the stock has formed a bearish pennant pattern. This pattern is made up of a vertical line and a symmetrical triangle pattern.The two lines of the pennant are nearing the convergence, meaning that a bearish breakdown will happen. If this happens, the next key support level to watch will be at $2.50.The post EVgo stock price forms a risky pattern as growth concerns remain appeared first on Invezz</div>

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EVgo's stock price has dropped 40% since October, now trading at $3.05 with a market cap of $942 million. Despite a 37% revenue growth in Q3, concerns about the EV industry's slowdown and rising short interest (25.5%) have led to a bearish outlook. The stock has formed a bearish pennant pattern, indicating potential further declines, with key support at $2.50. EVgo continues to expand its charging network, but profitability remains a challenge as the number of outstanding shares increases.