EVgo (NYSE:EVGO) Shares Up 3.4% – Time to Buy?

EVgo, Inc. (NYSE:EVGO) shares shot up 3.4% on Tuesday . The stock traded as high as $5.57 and last traded at $5.55. 834,767 shares were traded during trading, a decline of 82% from the average session volume of 4,571,767 shares. The stock had previously closed at $5.37.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Capital One Financial raised shares of EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Royal Bank of Canada increased their price target on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. Finally, UBS Group raised EVgo from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $6.61.

EVgo Trading Up 7.3 %

The stock’s 50 day moving average price is $6.15 and its 200 day moving average price is $4.10. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -13.71 and a beta of 2.38.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to the consensus estimate of $66.52 million. The firm’s revenue was up 92.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.09) EPS. On average, equities analysts expect that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Badar Khan sold 166,725 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total transaction of $856,966.50. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Large investors have recently modified their holdings of the stock. Legacy Capital Wealth Partners LLC acquired a new stake in EVgo in the second quarter valued at approximately $27,000. SG Americas Securities LLC purchased a new stake in EVgo during the 1st quarter worth $41,000. Point72 DIFC Ltd acquired a new position in EVgo in the 2nd quarter worth $45,000. International Assets Investment Management LLC purchased a new position in EVgo in the 3rd quarter valued at about $51,000. Finally, Creative Planning increased its position in shares of EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after acquiring an additional 3,297 shares during the last quarter. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.