Shares of EVgo (EVGO -0.54%) climbed on Tuesday after the fast-charging network for electric vehicles (EVs) announced that its PlugShare platform had exceeded 1 million app downloads since the beginning of the year. As of 3:25 p.m. ET, EVgo's stock price was up more than 5% after rising as much as 13% earlier in the day.
Drivers use PlugShare to find and evaluate public charging locations. The app's user base has surged by nearly 30% since last year, as electric vehicles have soared in popularity.
EVgo acquired PlugShare as part of its purchase of mobility-software company Recargo in July. The two companies have worked together to integrate EVgo's charging infrastructure into Recargo's app-development platform.
"EV adoption requires more than cars -- it requires great cars, reliable charging, and excellent software," EVgo CEO Cathy Zoi said in a press release. "EVgo acquired Recargo because we know how important the PlugShare platform is to help new and existing EV drivers around the world charge, and this 1 millionth annual download milestone is one of many as EV growth proliferates."
All told, more than 3.6 million people have downloaded PlugShare's app worldwide.
EVgo's investors could be in store for even more gains. So says JPMorgan analyst Bill Peterson, who placed an overweight rating on EVgo's stock on Thursday.
Peterson highlighted EVgo's leading position among providers of fast-charging services. He noted its valuable partnerships with automakers and ride-hailing companies. And he expects its new Recargo software business to drive its overall profit margin higher over time.
In turn, Peterson sees EVgo's share price surging 57% to $20 in the coming year.