EVgo (NYSE:EVGO) Stock Price Down 4.6% – Here’s Why

EVgo, Inc. (NYSE:EVGO) was down 4.6% during mid-day trading on Tuesday . The stock traded as low as $6.27 and last traded at $6.28. Approximately 360,405 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 4,624,619 shares. The stock had previously closed at $6.58.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on EVGO shares. JPMorgan Chase & Co. raised shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Thursday, October 3rd. Stifel Nicolaus increased their target price on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Wednesday, November 13th. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Finally, TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and lifted their target price for the stock from $5.00 to $7.00 in a research note on Thursday, October 3rd. Two equities research 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Trading Down 0.3 %

The firm has a fifty day moving average price of $6.37 and a 200 day moving average price of $4.28. The firm has a market cap of $1.96 billion, a PE ratio of -15.40 and a beta of 2.38.

EVgo (NYSE:EVGO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business 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 business earned ($0.09) earnings per share. EVgo’s revenue for the quarter was up 92.3% compared to the same quarter last year. As a group, equities analysts predict that EVgo, Inc. will post -0.41 earnings per share for the current year.

Insider Activity at EVgo

In related 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 sale, the chief executive officer now directly owns 348,761 shares in the company, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 66.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of EVGO. Legacy Capital Wealth Partners LLC acquired a new position in shares of EVgo in the 2nd quarter worth approximately $27,000. International Assets Investment Management LLC acquired a new position in EVgo during the third quarter worth $51,000. Creative Planning boosted its position in shares of EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after buying an additional 3,297 shares during the period. SG Americas Securities LLC acquired a new stake in shares of EVgo in the first quarter valued at $41,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of EVgo in the 2nd quarter valued at $45,000. Hedge funds and other institutional investors 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.