EVgo (NYSE:EVGO) Stock Price Down 5.3% – Should You Sell?

EVgo, Inc. (NYSE:EVGO)’s stock price was down 5.3% during mid-day trading on Wednesday . The stock traded as low as $6.22 and last traded at $6.23. Approximately 1,613,103 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 4,611,132 shares. The stock had previously closed at $6.58.

Analysts Set New Price Targets

Several research analysts have issued reports on EVGO shares. Capital One Financial raised EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. 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. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Wednesday, November 13th. Finally, Stifel Nicolaus raised their price objective on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. 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. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $6.61.

EVgo Trading Down 0.5 %

The firm has a 50 day moving average of $6.83 and a 200-day moving average of $4.58. The company has a market cap of $1.99 billion, a P/E ratio of -15.67 and a beta of 2.24.

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 during the quarter, compared to the consensus estimate of $66.52 million. The company’s revenue for the quarter was up 92.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) earnings per share. Equities analysts predict that EVgo, Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of EVgo stock in a transaction that occurred 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 of the company’s stock, valued at $1,792,631.54. The trade was a 32.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 66.96% of the stock is owned by corporate insiders.

Institutional Trading of EVgo

A number of large investors have recently added to or reduced their stakes in EVGO. Price T Rowe Associates Inc. MD increased its stake in EVgo by 11.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock worth $160,000 after acquiring an additional 6,633 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of EVgo by 47.0% in the 2nd quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after purchasing an additional 7,687 shares during the period. Atria Wealth Solutions Inc. boosted its holdings in shares of EVgo by 2.8% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock worth $811,000 after purchasing an additional 8,940 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of EVgo by 12.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 408,687 shares of the company’s stock worth $1,001,000 after purchasing an additional 46,157 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in shares of EVgo by 42.6% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company’s stock worth $1,251,000 after purchasing an additional 152,436 shares during the period. Institutional investors own 17.44% of the company’s stock.

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.