EVgo (NASDAQ:EVGO) Trading Up 7.5% – What’s Next?

EVgo, Inc. (NASDAQ:EVGO)’s share price traded up 7.5% during mid-day trading on Monday . The stock traded as high as $2.58 and last traded at $2.58. 312,991 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 4,430,897 shares. The stock had previously closed at $2.40.

Analyst Ratings Changes

EVGO has been the topic of several analyst reports. UBS Group lowered their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Stifel Nicolaus lowered their target price on shares of EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 price target on shares of EVgo in a research note on Wednesday, March 5th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. dropped their price objective on EVgo from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Two 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 MarketBeat, EVgo has an average rating of “Buy” and a consensus price target of $6.11.

EVgo Stock Up 4.2 %

The business’s fifty day moving average is $3.15 and its two-hundred day moving average is $4.83. The stock has a market capitalization of $765.81 million, a PE ratio of -5.95 and a beta of 2.37.

EVgo (NASDAQ:EVGO) last released its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.04. The business had revenue of $67.51 million for the quarter, compared to the consensus estimate of $69.49 million. Sell-side analysts expect that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling

In other EVgo news, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the transaction, the director now owns 5,882,352 shares in the company, valued at $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Dennis G. Kish sold 44,184 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the sale, the president now owns 95,986 shares of the company’s stock, valued at $327,312.26. This trade represents a 31.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,061,563 shares of company stock worth $115,225,745. Corporate insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mariner LLC bought a new position in shares of EVgo during the fourth quarter valued at approximately $48,000. FORA Capital LLC purchased a new position in EVgo during the 4th quarter valued at $56,000. SCP Investment LP bought a new position in EVgo in the 4th quarter valued at $60,000. Clear Harbor Asset Management LLC purchased a new stake in EVgo in the fourth quarter worth $72,000. Finally, Polymer Capital Management US LLC bought a new stake in shares of EVgo during the fourth quarter worth $73,000. 17.44% of the stock is owned by hedge funds and other 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.