EVgo (NASDAQ:EVGO) Trading 5.8% Higher – Here’s Why

EVgo, Inc. (NASDAQ:EVGO)’s share price rose 5.8% during mid-day trading on Friday . The stock traded as high as $2.75 and last traded at $2.75. Approximately 1,393,673 shares traded hands during trading, a decline of 67% from the average daily volume of 4,176,986 shares. The stock had previously closed at $2.60.

Wall Street Analyst Weigh In

EVGO has been the subject of a number of analyst reports. UBS Group decreased their price objective on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, January 27th. Stifel Nicolaus lowered their price objective on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. JPMorgan Chase & Co. cut their target price on EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. Evercore ISI decreased their price target on shares of EVgo from $7.00 to $4.00 and set an “outperform” rating for the company in a research report on Monday, March 31st. Finally, Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Two investment 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 company. According to MarketBeat.com, EVgo currently has an average rating of “Buy” and a consensus price target of $5.78.

EVgo Trading Up 5.0 %

The stock’s 50-day moving average price is $2.63 and its 200-day moving average price is $4.38. The company has a market capitalization of $836.26 million, a P/E ratio of -6.50 and a beta of 2.28.

EVgo (NASDAQ:EVGO) last issued its earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million during the quarter, compared to analyst estimates of $69.49 million. Sell-side analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Dennis G. Kish sold 44,184 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the transaction, the president now owns 95,986 shares in the company, valued at approximately $327,312.26. This represents a 31.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 58.79% of the stock is owned by company insiders.

Institutional Trading of EVgo

Several hedge funds have recently bought and sold shares of EVGO. Merit Financial Group LLC bought a new stake in shares of EVgo during the first quarter valued at approximately $31,000. Mariner LLC bought a new stake in EVgo during the 4th quarter valued at $48,000. FORA Capital LLC acquired a new position in EVgo during the 4th quarter worth $56,000. SCP Investment LP bought a new position in shares of EVgo in the fourth quarter worth $60,000. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of EVgo during the fourth quarter valued at $72,000. 17.44% of the stock is currently owned by 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.