EVgo (NYSE:EVGO) Stock Price Up 4.2%

EVgo, Inc. (NYSE:EVGO)’s stock price shot up 4.2% on Wednesday . The stock traded as high as $3.04 and last traded at $2.98. 1,768,941 shares changed hands during trading, a decline of 40% from the average session volume of 2,960,906 shares. The stock had previously closed at $2.86.

Analyst Ratings Changes

A number of analysts recently commented on EVGO shares. Evercore ISI dropped their target price 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $4.00 target price on shares of EVgo in a research report on Monday, July 1st. Royal Bank of Canada reiterated an “outperform” rating and set a $4.00 price objective on shares of EVgo in a report on Friday, April 5th. Benchmark assumed coverage on EVgo in a research report on Wednesday, June 5th. They issued a “buy” rating and a $3.00 target price on the stock. Finally, Citigroup reduced their price target on EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Thursday, May 9th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.00.

EVgo Stock Up 7.7 %

The company has a 50-day moving average price of $2.17 and a 200-day moving average price of $2.39. The company has a market capitalization of $930.25 million, a price-to-earnings ratio of -7.97 and a beta of 2.58.

EVgo (NYSE:EVGO) last announced its earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The company had revenue of $55.16 million for the quarter, compared to the consensus estimate of $52.41 million. During the same period last year, the firm posted ($0.09) EPS. The company’s revenue was up 118.0% compared to the same quarter last year. Equities analysts expect that EVgo, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at EVgo

In other news, CEO Badar Khan purchased 125,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average cost of $2.01 per share, for a total transaction of $251,250.00. Following the completion of the purchase, the chief executive officer now directly owns 143,874 shares of the company’s stock, valued at approximately $289,186.74. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 66.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EVgo

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP increased its stake in EVgo by 323.5% in the third quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company’s stock valued at $9,207,000 after acquiring an additional 2,080,839 shares during the period. Vanguard Group Inc. boosted its stake in EVgo by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock valued at $32,114,000 after buying an additional 421,704 shares in the last quarter. GSA Capital Partners LLP acquired a new position in EVgo during the third quarter worth $774,000. KBC Group NV boosted its stake in shares of EVgo by 88.7% in the 4th quarter. KBC Group NV now owns 227,367 shares of the company’s stock valued at $814,000 after purchasing an additional 106,869 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of EVgo by 32.2% in the 1st quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock worth $798,000 after purchasing an additional 77,354 shares during the last quarter. 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.