EVgo (NYSE:EVGO) Trading 8.6% Higher – Should You Buy?

EVgo, Inc. (NYSE:EVGO)’s stock price rose 8.6% during mid-day trading on Wednesday . The stock traded as high as $5.48 and last traded at $5.31. Approximately 3,083,413 shares were traded during trading, a decline of 32% from the average daily volume of 4,511,094 shares. The stock had previously closed at $4.89.

Wall Street Analyst Weigh In

EVGO has been the topic of several research reports. Stifel Nicolaus boosted their price objective on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday. Royal Bank of Canada upped their target price on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of EVgo in a report on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, EVgo currently has an average rating of “Buy” and an average target price of $6.61.

EVgo Stock Performance

The company’s 50 day moving average is $6.06 and its 200-day moving average is $4.00.

EVgo (NYSE:EVGO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $67.50 million for the quarter, compared to the consensus estimate of $66.52 million. During the same period in the prior year, the company posted ($0.09) EPS. EVgo’s revenue was up 92.3% compared to the same quarter last year. On average, analysts predict that EVgo, Inc. will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EVGO. DRW Securities LLC bought a new position in EVgo in the 3rd quarter worth about $114,000. Intech Investment Management LLC purchased a new stake in shares of EVgo during the 3rd quarter valued at about $158,000. Legacy Capital Wealth Partners LLC increased its holdings in EVgo by 31.8% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after acquiring an additional 3,500 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in EVgo in the 3rd quarter worth approximately $51,000. Finally, Creative Planning boosted its stake in EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares during the period. 17.44% of the stock is owned by hedge funds and other 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.