EVgo (NYSE:EVGO) Stock Price Up 7.9% – Here’s Why

EVgo, Inc. (NYSE:EVGO)’s stock price rose 7.9% during mid-day trading on Thursday . The stock traded as high as $8.67 and last traded at $8.64. Approximately 1,867,241 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 4,299,164 shares. The stock had previously closed at $8.01.

Analyst Ratings Changes

A number of research firms have commented on EVGO. JPMorgan Chase & Co. raised shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a report on Thursday, October 3rd. Capital One Financial upgraded EVgo to a “strong-buy” rating in a report on Monday, September 16th. Royal Bank of Canada boosted their price objective on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. TD Cowen raised EVgo from a “hold” rating to a “buy” rating and lifted their price objective for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Thursday, August 29th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $6.17.

EVgo Price Performance

The stock has a fifty day simple moving average of $5.15 and a two-hundred day simple moving average of $3.46. The firm has a market capitalization of $2.58 billion, a P/E ratio of -22.37 and a beta of 2.58.

EVgo (NYSE:EVGO) last issued its earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. The company had revenue of $66.62 million for the quarter, compared to the consensus estimate of $59.40 million. During the same period in the prior year, the company earned ($0.08) earnings per share. The firm’s revenue was up 31.8% compared to the same quarter last year. As a group, sell-side analysts expect that EVgo, Inc. will post -0.4 EPS for the current fiscal year.

Insider Transactions at EVgo

In other EVgo news, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the transaction, the president now owns 47,614 shares in the company, valued at approximately $171,410.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other EVgo news, insider Francine Sullivan sold 12,584 shares of EVgo stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $45,302.40. Following the transaction, the insider now owns 117,327 shares of the company’s stock, valued at $422,377.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Dennis G. Kish sold 16,414 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the sale, the president now directly owns 47,614 shares of the company’s stock, valued at $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EVgo

Hedge funds have recently made changes to their positions in the business. Legacy Capital Wealth Partners LLC purchased a new position in EVgo in the second quarter valued at about $27,000. Bleakley Financial Group LLC bought a new position in EVgo during the first quarter valued at $36,000. SG Americas Securities LLC bought a new stake in shares of EVgo in the first quarter valued at $41,000. Point72 DIFC Ltd bought a new position in shares of EVgo during the 2nd quarter worth $45,000. Finally, International Assets Investment Management LLC bought a new position in shares of EVgo during the 3rd quarter worth $51,000. 17.44% of the stock is currently owned by institutional investors.

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.