Car Charging Group Rallies: Will It Climb Back?

Car Charging Group (OTC: CCGI) rose 2.68% to a share price of $1.15 yesterday, which is a continuation rebound after the prior day’s huge rally of over 15%. The small cap stock seems to be climbing its way back up the stock chart after hitting its all-time low on May 30th this year.

Car Charging Group started yesterday’s trading with a steep drop before 12 PM, but managed to climb back just before the session ended. The stock has been experiencing some ups and downs at over-the-counter market this year with a total loss of 15.44% in share price since the start of 2012. It achieved an all-time high price this year of $2.04 on March 9. From about April 17 to May 30, the stock steeply dropped its price to $0.95. Car Charging Group has been rallying for the past couple of trading sessions.

Car Charging Group’s stock performance could be linked to its recent activities:

  • On May 31st, 2012, the company announced its offer of charging services at Rapid Park in lower Manhattan. The service location is near the financial district and South Street Seaport in New York City, NY. Electric vehicle (EV) drivers in lower Manhattan can now quickly and easily recharge their EVs at the Rapid Park facility, which is in close proximity to Pace University and New York Downtown Hospital.
  •  On May 30th, the company announced its electric vehicle charging services provided at San Francisco bay area. There are six properties managed by Ace Parking in San Francisco, Oakland, and Walnut Creek, California.
  •  There were more announcements regarding its service expansion before June, including its electric vehicle service in Chicago announced on May 23rd and its service provided to North California, which was announced on May 21st.
  •  On May 8th, 2012, Car Charging Group announced that it has signed an agreement with Energy Related Services N.V., a subsidiary of Vattenfall, one of Europe’s generators of electricity, to provide EV charging services to customers in the Netherlands.

For anyone not familiar with Car Charging Group, it was formerly known as New Image Concepts. The company provides and installs car charging stations for services at public locations. The company focuses on the owning, providing, and servicing of electric car charging stations to parking garages, building owners, municipalities, and sporting venues. They work to provide the ability for the EV owner to have charging services in public areas on its network.

Car Charging Group focuses on subcontracting (to certain, approved local vendors) the actual installation work and maintenance of the charging stations. It acquires and installs the EV charging stations, manufactured under the name of ChargePoint by Coulomb Technologies, at selected premises. It then shares servicing fees received from customers that use the charging stations with the property owner, on a property-by-property basis. Its product line consists of the CT1000 and CT2000 families of the ChargePoint Networked Charging Stations.

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Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.