Why EVgo Stock Dropped 11% in September
September was a choppy ride for EVgo (NASDAQ: EVGO), with shares of the electric vehicle charging company ending the month with an 11.2% loss, according to data provided by S&P Global Market Intelligence, even after jumping 12% over the last 10 days of September. Clearly, something happened later in the month that revived investor interest in the EV stock.
EVgo shares were already under considerable pressure ever since the company went public in July via a merger with a special purpose acquisition company. The pressure was partly due to the broader weakness in the EV space and no progress in sight for President Joe Biden's $1 trillion infrastructure bill. The freak market sell-off on Sept. 20 sent the stock even lower, which is why when EVgo announced an important number the very next day, investors saw it as the perfect opportunity to buy some shares.
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Source Fool.com