EVgo (NYSE:EVGO) Stock Price Up 6.1% – Still a Buy?

EVgo, Inc. (NYSE:EVGO) shares were up 6.1% on Friday . The company traded as high as $3.38 and last traded at $3.36. Approximately 1,352,600 shares traded hands during trading, a decline of 75% from the average daily volume of 5,417,854 shares. The stock had previously closed at $3.17.

Analyst Upgrades and Downgrades

Several equities analysts have commented on EVGO shares. JPMorgan Chase & Co. lowered their target price on shares of EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. Royal Bank of Canada upped their target price on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Thursday, January 16th. Finally, TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and upped their price target for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $6.61.

EVgo Trading Up 8.0 %

The firm’s 50 day moving average price is $5.00 and its two-hundred day moving average price is $5.01. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -8.15 and a beta of 2.35.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS 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 analysts’ expectations of $66.52 million. EVgo’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same period last year, the business posted ($0.09) earnings per share. As a group, equities research analysts predict that EVgo, Inc. will post -0.45 EPS for the current year.

Insider Transactions at EVgo

In related news, Director David Nanus sold 23,000,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the sale, the director now owns 5,882,352 shares of the company’s stock, valued at $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Dennis G. Kish sold 17,379 shares of the stock in a transaction on 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 approximately $58,989.60. This trade represents a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,184,104 shares of company stock worth $115,932,044 over the last quarter. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Institutional investors and hedge funds have recently made changes to their positions in the company. Clear Harbor Asset Management LLC bought a new position in EVgo in the fourth quarter valued at about $72,000. Tidal Investments LLC grew its holdings in shares of EVgo by 714.2% during the 3rd quarter. Tidal Investments LLC now owns 94,541 shares of the company’s stock valued at $391,000 after purchasing an additional 82,929 shares during the last quarter. Barclays PLC increased its position in EVgo by 280.6% during the 3rd quarter. Barclays PLC now owns 132,981 shares of the company’s stock worth $551,000 after purchasing an additional 98,041 shares in the last quarter. Geode Capital Management LLC lifted its stake in EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after purchasing an additional 90,887 shares during the last quarter. Finally, State Street Corp boosted its position in EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after buying an additional 847,777 shares in the last quarter. 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.