EVgo (NYSE:EVGO) Shares Down 3.8% – Here’s Why

by · The Markets Daily

EVgo, Inc. (NYSE:EVGO – Get Free Report) shares traded down 3.8% on Wednesday . The stock traded as low as $3.15 and last traded at $3.19. 564,719 shares changed hands during trading, a decline of 89% from the average session volume of 5,282,288 shares. The stock had previously closed at $3.31.

Analysts Set New Price Targets

Several brokerages recently weighed in on EVGO. JPMorgan Chase & Co. reduced their price target on EVgo from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Friday, December 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Finally, UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and boosted their target price for the company from $4.00 to $8.50 in a report on Thursday, October 10th. Two investment 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. According to MarketBeat.com, EVgo has a consensus rating of “Buy” and an average target price of $6.61.

Check Out Our Latest Stock Analysis on EVgo

EVgo Stock Performance

The company has a 50 day moving average of $5.08 and a 200-day moving average of $5.04. The stock has a market cap of $953.41 million, a price-to-earnings ratio of -7.49 and a beta of 2.35.

EVgo (NYSE:EVGO – Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. The business’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same period last year, the firm posted ($0.09) earnings per share. On average, research analysts anticipate that EVgo, Inc. will post -0.45 EPS for the current year.

Insider Activity

In other news, CEO Badar Khan sold 166,725 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $5.14, for a total transaction of $856,966.50. Following the completion of the transaction, the chief executive officer now directly owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This represents a 32.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Dennis G. Kish sold 17,379 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $4.32, for a total value of $75,077.28. Following the sale, the president now directly owns 13,655 shares in the company, valued at $58,989.60. This trade represents a 56.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,184,104 shares of company stock worth $115,932,044. Corporate insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new stake in shares of EVgo in the third quarter valued at approximately $51,000. Creative Planning boosted its stake 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 purchasing an additional 3,297 shares during the period. Legacy Capital Wealth Partners LLC grew its position in EVgo by 31.8% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after purchasing an additional 3,500 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new position in EVgo in the fourth quarter valued at $72,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of EVgo in the second quarter valued at about $45,000. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

EVgo Company Profile

(Get Free Report)

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.

Read More