EVgo (NYSE:EVGO) Trading Down 3.6% – What’s Next?

Shares of EVgo, Inc. (NYSE:EVGO) traded down 3.6% during mid-day trading on Monday . The company traded as low as $8.45 and last traded at $8.49. 2,366,751 shares changed hands during trading, a decline of 45% from the average session volume of 4,308,377 shares. The stock had previously closed at $8.81.

Wall Street Analyst Weigh In

A number of analysts recently commented on EVGO shares. JPMorgan Chase & Co. raised EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research report on Thursday, October 3rd. Royal Bank of Canada upped their target price on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Benchmark lifted their price target on shares of EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Friday, July 12th. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and upped their price objective for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, Stifel Nicolaus lifted their price objective on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $6.61.

EVgo Stock Down 1.2 %

The firm has a 50-day simple moving average of $5.55 and a 200-day simple moving average of $3.65. The stock has a market cap of $2.50 billion, a PE ratio of -21.97 and a beta of 2.58.

EVgo (NYSE:EVGO) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $59.40 million. The business’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the company posted ($0.08) EPS. On average, research analysts expect that EVgo, Inc. will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In related news, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the sale, the president now owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Francine Sullivan sold 12,584 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the transaction, the insider now owns 117,327 shares of the company’s stock, valued at $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the sale, the president now owns 47,614 shares in the company, valued at $171,410.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Large investors have recently modified their holdings of the company. Marshall Wace LLP lifted its stake in EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after purchasing an additional 651,475 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of EVgo by 0.4% in the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after buying an additional 37,168 shares during the period. Bleakley Financial Group LLC bought a new stake in shares of EVgo in the 1st quarter valued at about $36,000. Tidal Investments LLC boosted its holdings in EVgo by 32.2% during the 1st quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock valued at $798,000 after acquiring an additional 77,354 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in EVgo during the 1st quarter worth approximately $71,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Company Profile

EVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.