EVgo Sees Unusually Large Options Volume (NYSE:EVGO)

EVgo, Inc. (NYSE:EVGO) saw unusually large options trading on Tuesday. Investors bought 7,921 call options on the stock. This represents an increase of 20% compared to the average daily volume of 6,588 call options.

Hedge Funds Weigh In On EVgo

A number of hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. acquired a new stake in EVgo during the second quarter valued at approximately $1,749,000. Marshall Wace LLP lifted its stake 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 purchasing an additional 651,475 shares during the last quarter. SIR Capital Management L.P. lifted its stake in EVgo by 76.9% during the second quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock worth $2,349,000 after purchasing an additional 416,800 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new position in EVgo in the second quarter worth $495,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of EVgo during the second quarter worth $495,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

EVGO has been the topic of several research analyst reports. Royal Bank of Canada lifted their price objective on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price objective on shares of EVgo in a research note on Monday, September 30th. Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Thursday, August 29th. Finally, Capital One Financial raised EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, EVgo currently has an average rating of “Buy” and a consensus price target of $6.61.

EVgo Price Performance

NYSE EVGO opened at $4.89 on Wednesday. The company’s fifty day moving average price is $6.06 and its two-hundred day moving average price is $4.00. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -12.23 and a beta of 2.38. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07.

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.