EVgo (NYSE:EVGO) Shares Down 4.6% – What’s Next?

EVgo, Inc. (NYSE:EVGO)’s share price was down 4.6% during trading on Tuesday . The company traded as low as $6.27 and last traded at $6.28. Approximately 360,405 shares traded 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

A number of analysts have recently weighed in on EVGO shares. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price target on shares of EVgo in a report on Monday, September 30th. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Royal Bank of Canada upped their price target on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. UBS Group raised EVgo from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $4.00 to $8.50 in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. raised EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price on the stock in a research report on Thursday, October 3rd. Two investment 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 company. Based on data from MarketBeat.com, EVgo presently has an average rating of “Buy” and a consensus price target of $6.61.

EVgo Stock Performance

The firm has a market cap of $1.96 billion, a PE ratio of -15.40 and a beta of 2.38. The company has a 50 day simple moving average of $6.37 and a two-hundred day simple moving average of $4.28.

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 company had revenue of $67.50 million for the quarter, compared to analysts’ expectations of $66.52 million. During the same period in the previous year, the business posted ($0.09) earnings per share. EVgo’s revenue was up 92.3% compared to the same quarter last year. As a group, research analysts predict that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Badar Khan sold 166,725 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 348,761 shares of the company’s stock, valued at $1,792,631.54. This trade represents a 32.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

A number of hedge funds have recently added to or reduced their stakes in EVGO. Vanguard Group Inc. raised its position 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 acquiring an additional 37,168 shares during the period. State Street Corp raised its holdings in EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after purchasing an additional 847,777 shares during the period. Geode Capital Management LLC boosted its position in EVgo by 3.9% during the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after purchasing an additional 90,887 shares in the last quarter. Marshall Wace LLP boosted its position in EVgo by 66.4% during 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 in the last quarter. Finally, SIR Capital Management L.P. increased its position in shares of EVgo by 76.9% in the second quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after buying an additional 416,800 shares in the last quarter. 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.