EVgo (NYSE:EVGO) Shares Gap Down – Should You Sell?

EVgo, Inc. (NYSE:EVGO) gapped down prior to trading on Monday . The stock had previously closed at $6.09, but opened at $5.92. EVgo shares last traded at $5.93, with a volume of 1,414,497 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on EVGO shares. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price target on shares of EVgo in a research report on Monday, September 30th. TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and lifted their price target for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. Capital One Financial upgraded EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price objective on the stock in a report on Thursday, October 3rd. 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. According to data from MarketBeat, EVgo has a consensus rating of “Buy” and an average target price of $6.61.

EVgo Trading Down 25.9 %

The business has a 50 day moving average price of $6.80 and a 200-day moving average price of $4.72. The company has a market cap of $1.42 billion, a P/E ratio of -11.14 and a beta of 2.24.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share 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 quarter in the previous year, the company earned ($0.09) EPS. EVgo’s revenue was up 92.3% compared to the same quarter last year. On average, sell-side analysts expect that EVgo, Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction dated 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 owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Legacy Capital Wealth Partners LLC bought a new stake in shares of EVgo during the 2nd quarter worth approximately $27,000. International Assets Investment Management LLC bought a new stake in shares of EVgo during the 3rd quarter valued at approximately $51,000. Creative Planning increased its position in EVgo by 32.7% during 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 in the last quarter. Point72 DIFC Ltd bought a new position in EVgo in the 2nd quarter valued at approximately $45,000. Finally, Blueshift Asset Management LLC acquired a new stake in EVgo in the third quarter valued at approximately $80,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.