EVgo (NYSE:EVGO) Shares Down 4.6% – Here’s Why

EVgo, Inc. (NYSE:EVGO)’s stock price was down 4.6% during mid-day trading on Tuesday . The stock traded as low as $6.27 and last traded at $6.28. Approximately 360,405 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 4,624,619 shares. The stock had previously closed at $6.58.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on EVGO shares. Royal Bank of Canada increased their price objective on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. UBS Group raised shares of EVgo from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Capital One Financial raised shares of EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus boosted their price objective on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Trading Down 4.0 %

The company has a market cap of $1.92 billion, a PE ratio of -15.67 and a beta of 2.38. The firm’s fifty day moving average is $6.34 and its 200 day moving average is $4.25.

EVgo (NYSE:EVGO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million during the quarter, compared to the consensus estimate of $66.52 million. The firm’s quarterly revenue was up 92.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) EPS. As a group, sell-side analysts anticipate that EVgo, Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at EVgo

In related news, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $5.14, for a total value of $856,966.50. Following the sale, the chief executive officer now owns 348,761 shares in the company, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Legacy Capital Wealth Partners LLC purchased a new position in EVgo in the second quarter valued at $27,000. SG Americas Securities LLC purchased a new position in EVgo during the 1st quarter worth $41,000. Point72 DIFC Ltd purchased a new position in EVgo during the 2nd quarter worth $45,000. International Assets Investment Management LLC purchased a new position in EVgo during the 3rd quarter worth $51,000. Finally, Creative Planning raised its position in EVgo by 32.7% during the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after buying an additional 3,297 shares during the last quarter. 17.44% of the stock is currently 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.