5 Most Shorted Stocks in September

4. EVgo, Inc. (NASDAQ:EVGO)

Number of Hedge Fund Holders: 18

Float Shorted: 31.31%

EVgo, Inc. (NASDAQ:EVGO) is a Los Angeles, California-based provider of public electric charging stations and provides its services through more than 850 fast charging stations spread across 30 states.

The US government is expected to approve a budget of $900 million for the construction of electric vehicle (EV) charging stations across 35 US states. This funding is part of the $1 trillion infrastructure bill approved in November 2021. The Biden Administration wants 50% of all new vehicles to be either electric or plug-in hybrid electric models. To facilitate this, the government intends to provide the infrastructure of over 500,000 EV charging stations across the US. The government has also provided $3 billion to US Postal Services to upgrade its delivery vehicle fleet to electric.

Despite all these developments, the Street does not expect EVgo, Inc. (NASDAQ:EVGO) to become profitable before 2025. In Q2 2022, EVgo, Inc. (NASDAQ:EVGO) posted an adjusted EBITDA of -$19.8 million.