5 Penny Stocks Poised To Explode

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

Number of Hedge Fund Holders: 19

Allego N.V. (NYSE:ALLG) is an electric vehicle charging company. The firm has more than 30,000 charging ports in Europe, and it offers its facilities to different electric vehicles such as cars, trucks, and buses. Allego N.V. (NYSE:ALLG) is headquartered in Arnhem, the Netherlands.

Allego N.V. (NYSE:ALLG) operates in 15 European countries, making it one of the largest electric vehicle charging services providers on the continent. The firm also operates a proprietary cloud computing platform that allows it to identify its top performing locations in terms of revenue and usage, which then lets it optimize its services for revenue maximization. Allego N.V. (NYSE:ALLG) brought in EUR 50 million in revenue during the first half of this year, for a strong 150% annual growth. This also saw the firm’s charging revenue grow by 120% and its service revenue jump by 180% annually.

As this year’s June quarter ended, 19 out of the 895 hedge funds part of Insider Monkey’s research had bought Allego N.V. (NYSE:ALLG)’s shares.