EVgo, Inc. (NYSE:EVGO – Get Free Report) shares dropped 8.6% on Tuesday . The company traded as low as $4.08 and last traded at $4.14. Approximately 1,203,134 shares traded hands during trading, a decline of 62% from the average daily volume of 3,148,760 shares. The stock had previously closed at $4.53.
Analyst Ratings Changes
EVGO has been the topic of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of EVgo in a research note on Tuesday. Evercore ISI cut their price target on shares of EVgo from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Monday, May 13th. Benchmark upped their target price on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Stifel Nicolaus dropped their target price on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research note on Thursday, August 29th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, EVgo presently has a consensus rating of “Moderate Buy” and an average target price of $4.63.
EVgo Stock Down 8.1 %
The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -10.84 and a beta of 2.58. The business’s 50-day moving average is $3.54 and its two-hundred day moving average is $2.68.
EVgo (NYSE:EVGO – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $66.62 million during the quarter, compared to analysts’ expectations of $59.40 million. EVgo’s revenue was up 31.8% on a year-over-year basis. During the same period last year, the firm posted ($0.08) earnings per share. As a group, analysts forecast that EVgo, Inc. will post -0.4 EPS for the current fiscal year.
Insider Activity
In other news, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the transaction, the president now owns 47,614 shares in the company, valued at approximately $171,410.40. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the sale, the president now owns 47,614 shares in the company, valued at approximately $171,410.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $45,302.40. Following the completion of the sale, the insider now owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,475 shares of company stock worth $110,189. Corporate insiders own 66.96% of the company’s stock.
Hedge Funds Weigh In On EVgo
Several hedge funds have recently added to or reduced their stakes in EVGO. International Assets Investment Management LLC acquired a new stake in shares of EVgo during the 4th quarter worth about $580,000. KBC Group NV boosted its stake in shares of EVgo by 88.7% during the 4th quarter. KBC Group NV now owns 227,367 shares of the company’s stock worth $814,000 after purchasing an additional 106,869 shares during the last quarter. Blueshift Asset Management LLC acquired a new stake in shares of EVgo during the 4th quarter worth about $72,000. Voisard Asset Management Group Inc. acquired a new stake in shares of EVgo during the 4th quarter worth about $29,000. Finally, Wellington Management Group LLP boosted its stake in shares of EVgo by 34.9% during the 4th quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after purchasing an additional 951,272 shares during the last quarter. 17.44% of the stock is currently 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.
