5 Best EV Charging Stocks to Buy Now

3. Allego N.V. (NYSE:ALLG)

Hedge Fund Holdings: 18

Based in the Netherlands, Allego N.V. (NYSE:ALLG) is a Dutch company engaged in providing charging solutions for  electric vehicles, including cars, buses, and trucks. The company’s services are primarily limited to Europe, with charging solutions connected to Allego’s (NYSE:ALLG) proprietary platform, EV-Cloud. The company has installed charging stations in more than 11,800 charging areas across Europe.

On November 25, Cowen analyst Gabe Daoud lowered the price target on Allego (NYSE:ALLG) to $4 from $10, maintaining an Outperform rating on the shares. According to the analyst, the Q3 revenue missing consensus is likely due to underestimated seasonality; focus should remain on Q3 2022 EBITDA which was perfectly in line with consensus estimates. Daoud also reiterated that Allego (NYSE:ALLG) operates in a huge market space, where it has immense potential and opportunity to deliver strong growth. And as turbulence within the macroeconomic climate shows no signs of receding, the company’s attractive business model supported by strong marketing and growth strategies can offer shelter to investors.