This EV Charging Stock Was Up on a Down Day

On a day when stocks in most sectors were struggling, one newly public EV charging stock shot higher. Shares of Allego (NYSE: ALLG) were up by as much as 27% in trading Tuesday. The stock pared some of those gains, but closed the session up by 11%.

This European charging network company is a new addition to the public markets; it joined the New York Stock Exchange via a merger with a special purpose acquisition company (SPAC) on March 17. Allego's stock has soared about 45% since then. It seems the stock was bucking Tuesday's market downtrend as investors just can't get enough EV-related companies to invest in.

Image source: Allego.

Source Fool.com