EVgo (NYSE:EVGO) Shares Down 5.1% – Here’s What Happened

EVgo, Inc. (NYSE:EVGO)’s share price was down 5.1% during mid-day trading on Thursday . The company traded as low as $3.68 and last traded at $3.69. Approximately 992,781 shares changed hands during trading, a decline of 80% from the average daily volume of 4,856,100 shares. The stock had previously closed at $3.89.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Stifel Nicolaus boosted their price target on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Thursday. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and upped their target price for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price target on shares of EVgo in a research report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, EVgo presently has an average rating of “Buy” and an average price target of $6.61.

EVgo Trading Down 7.1 %

The firm’s fifty day moving average price is $5.24 and its two-hundred day moving average price is $5.00. The stock has a market capitalization of $1.10 billion, a PE ratio of -8.61 and a beta of 2.35.

EVgo (NYSE:EVGO) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share 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 the consensus estimate of $66.52 million. The business’s revenue for the quarter was up 92.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.09) EPS. As a group, sell-side analysts anticipate that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In related news, President Dennis G. Kish sold 17,379 shares of EVgo stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total value of $75,077.28. Following the completion of the sale, the president now owns 13,655 shares in the company, valued at approximately $58,989.60. This trade represents a 56.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Badar Khan sold 166,725 shares of the business’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 value of $856,966.50. Following the completion of the sale, the chief executive officer now directly owns 348,761 shares in the company, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,184,104 shares of company stock worth $115,932,044 in the last 90 days. Insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

A number of institutional investors have recently modified their holdings of the company. State Street Corp boosted its holdings in EVgo by 25.3% during the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after acquiring an additional 847,777 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of EVgo in the second quarter valued at approximately $1,749,000. Marshall Wace LLP boosted its stake in shares of EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares during the period. HITE Hedge Asset Management LLC grew its holdings in shares of EVgo by 105.0% in the third quarter. HITE Hedge Asset Management LLC now owns 413,906 shares of the company’s stock valued at $1,714,000 after purchasing an additional 212,004 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in EVgo during the 2nd quarter worth approximately $495,000. 17.44% of the stock is owned by institutional investors and hedge funds.

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.