EVgo (NYSE:EVGO) Trading Down 9.4% – Here’s What Happened

EVgo, Inc. (NYSE:EVGO) shares traded down 9.4% during mid-day trading on Wednesday . The stock traded as low as $4.03 and last traded at $4.04. 1,281,603 shares changed hands during trading, a decline of 69% from the average session volume of 4,073,239 shares. The stock had previously closed at $4.46.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price target on EVgo from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Friday, December 20th. Stifel Nicolaus raised their target price on shares of 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 reiterated a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and raised their price objective for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Finally, Royal Bank of Canada boosted their target price on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, EVgo presently has an average rating of “Buy” and a consensus target price of $6.61.

EVgo Price Performance

The stock’s 50-day simple moving average is $5.68 and its two-hundred day simple moving average is $4.95. The firm has a market cap of $1.25 billion, a P/E ratio of -9.81 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 company had revenue of $67.50 million for the quarter, compared to the consensus estimate of $66.52 million. During the same quarter in the prior year, the business earned ($0.09) earnings per share. EVgo’s revenue for the quarter was up 92.3% compared to the same quarter last year. As a group, sell-side analysts expect that EVgo, Inc. will post -0.41 earnings per share for the current year.

Insider Activity at EVgo

In other 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 transaction of $75,077.28. Following the completion of the sale, the president now owns 13,655 shares of the company’s stock, valued at approximately $58,989.60. The trade was a 56.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 value of $115,000,000.00. Following the completion of the transaction, the director now directly owns 5,882,352 shares in the company, valued at approximately $29,411,760. This trade represents a 79.63 % decrease in their position. 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 in the last quarter. 66.96% of the stock is owned by company insiders.

Institutional Trading of EVgo

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised 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 valued at $1,001,000 after purchasing an additional 46,157 shares in the last quarter. SIR Capital Management L.P. raised its stake in EVgo by 76.9% in the second quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock worth $2,349,000 after buying an additional 416,800 shares in the last quarter. Marshall Wace LLP lifted its holdings in EVgo by 66.4% during the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after buying an additional 651,475 shares during the period. Point72 DIFC Ltd bought a new stake in EVgo during the 2nd quarter valued at $45,000. Finally, HITE Hedge Asset Management LLC purchased a new position in shares of EVgo in the 2nd quarter valued at $495,000. 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.