A TD Cowen analyst pulled his Buy rating on shares Wednesday.
Competition with Tesla extends beyond cars themselves. Investors in electric-vehicle charging company EVgo are learning that the hard way.
EVgo stock was down about 8.6% to $2.14 a share. For comparison, the S&P 500 and Nasdaq Composite were down 0.8% and 1.5%, respectively. The drop puts EVgo shares down more than 70% over the past 12 months.A slowing economy and higher interest rates have sapped enthusiasm for start-ups that don’t generate free cash flow. In the case of EVgo, Wall Street projects the company won’t reach positive operating profit until 2027.
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