EVgo Inc (NASDAQ:EVGO) shares are trading lower Wednesday after Fuzzy Panda Research issued a bearish report on the EV charging company.
"EVGO is a mediocre EV charging company that we believe is substantially overvalued," Fuzzy Panda said in the report.
The firm claims that a significant number of the company's EV chargers are broken or out of service. Furthermore, charger utilization declined by 21% from 2019 to 2021, according to the report.
Fuzzy Panda also highlighted declining operating margins year-over-year and "questionable partnerships," including Electric Last Mile Solutions, which recently filed for bankruptcy.
The short seller also alleged that EVgo's controlling shareholder, LS Power, has connections to Jeffrey Epstein.
Related Link: Ghislaine Maxwell Gets 20 Year Prison Sentence For Role In Sex Trafficking With Jeffrey Epstein
EVGO Price Action: EVgo is making new 52-week lows on Wednesday.
The stock was down 13.8% at $6.21 at press time, according to Benzinga Pro.
Photo: Ben Paulos from Flickr.
