10 Best American Penny Stocks to Buy Now

4. EVgo, Inc. (NASDAQ:EVGO)

Stock price as of May 6th: $3.67

Number of Hedge Fund Holders: 37

EVgo Inc. (NASDAQ:EVGO) is one of the largest public fast-charging networks for electric vehicles (EVs) in the US, operating more than 1,100 charging stations across 40+ states. The company achieved a leading position in the market through strong technological capabilities – charging stations are compatible with all fast-charge capable EVs – as well as through strategic placement of its chargers in high-traffic areas. EVGO is the winner on our recent list of 10 Most Volatile Stocks Under $3 For Day Trading.

EVgo Inc. (NASDAQ:EVGO) delivered another record quarter with strong results, achieving 36% YoY total revenue growth and nearly tenfold growth in three years. The company’s network performance showed impressive metrics, with average daily throughput per public store rising by 36% versus the same quarter last year and increasing more than fivefold in 3 years. The company added over 180 new operational stores in the quarter, bringing its total to over 4,200 operational stores, while maintaining a strong cash position of $171 million in cash, cash equivalents, and restricted cash.

EVgo Inc. (NASDAQ:EVGO) remains uniquely positioned in the EV fast charging landscape, having secured a $1.25 billion loan guarantee with the Department of Energy that funds its trajectory toward adjusted EBITDA breakeven this year and leverages free cash flow breakeven next year. EVGO’s business model appears resilient to current market challenges, with minimal impact expected from tariffs, as only approximately 25% of total CapEx cost per store is subject to tariffs, which secures the company’s place on our list of the best American stocks to buy now. The company expects to deliver $10 million in CapEx efficiencies this year that more than offset the estimated impact of tariffs in 2025, while its owner-operator model ensures these tariffs won’t impact adjusted EBITDA for its charging business.