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ALLG Stock: 14 Things for Investors to Know About EV Charging Play Allego

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Allego (NYSE:ALLG) stock is on the move today and we’re going over all the latest details potential investors need to know about the company.

A close-up shot of an electric vehicle plugged into an Allego (ALLG stock) charger.

Source: szmuli / Shutterstock.com

Let’s get into that below!

  • Allego is an electric vehicle (EV) charging company founded in 2013.
  • Its main operations are in Europe where it maintains an EV charging network of more than 28,000 public charging ports.
  • The company’s network is connected to its EV-Cloud, a propriety platform that offers a portfolio of features and services to customers.
  • Recent hype on social media has been pushing the company’s stock higher.
  • That comes after the company completed its special purpose acquisition (SPAC) merger with Spartan Acquisition.
  • Another recent highlight was a filing with the U.S. Securities and Exchange Commission (SEC).
  • This revealed that 98% of investors in the SPAC redeemed the cash offer for their shares.
  • That drops the company’s float size, which opens it up to more volatility in trading.
  • Considering that float, as well as its low price, it makes complete sense that traders on social media would target the stock.
  • We often see this happen as retail traders work to pump up shares for profits.
  • And as is typically the case, we’re seeing ALLG stock slip today following its recent rally.
  • ALLG stock has also been seeing heavy trading today.
  • That has more than 14 million shares of the company’s stock changing hands as of this writing.
  • That’s a massive jump from its daily average trading volume of about 1.5 million shares.

ALLG stock is down 13.2% as of Thursday afternoon.

Investors seeking more stock market news today are in the right place.

We’ve got all the latest stock news that traders need to know about for Thursday. That includes the news pushing Nikola (NASDAQ:NKLA) stock higher, what’s going on with Nvidia (NASDAQ:NVDA) shares, as well as Russian stocks news. You can find all of this info at the following links!

More Stock Market News for Thursday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/03/allg-stock-14-things-for-investors-to-know-about-ev-charging-play-allego/.

©2022 InvestorPlace Media, LLC

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