Stock Traders Purchase High Volume of EVgo Call Options (NYSE:EVGO)

EVgo, Inc. (NYSE:EVGO) saw unusually large options trading on Tuesday. Stock traders purchased 7,921 call options on the stock. This represents an increase of approximately 20% compared to the typical daily volume of 6,588 call options.

Wall Street Analyst Weigh In

Several research firms have recently commented on EVGO. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Thursday, August 29th. Royal Bank of Canada raised their target price on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. raised shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price target on the stock in a research note on Thursday, October 3rd. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. Finally, TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and increased their target price for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Two equities research 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 stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $6.61.

Hedge Funds Weigh In On EVgo

Hedge funds have recently bought and sold shares of the stock. Legacy Capital Wealth Partners LLC acquired a new stake in shares of EVgo during the second quarter valued at $27,000. Bleakley Financial Group LLC acquired a new stake in EVgo in the 1st quarter worth about $36,000. SG Americas Securities LLC purchased a new stake in EVgo in the 1st quarter valued at about $41,000. Point72 DIFC Ltd acquired a new position in shares of EVgo during the 2nd quarter valued at about $45,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of EVgo in the third quarter worth approximately $51,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

EVgo Price Performance

EVGO stock opened at $4.89 on Wednesday. The company’s 50 day simple moving average is $6.06 and its 200-day simple moving average is $4.00. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07. The firm has a market capitalization of $1.48 billion, a PE ratio of -12.23 and a beta of 2.38.

About EVgo

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.