EVgo (NYSE:EVGO) Stock Price Down 4.5%

Shares of EVgo, Inc. (NYSE:EVGO) were down 4.5% during trading on Monday . The stock traded as low as $3.38 and last traded at $3.38. Approximately 412,631 shares changed hands during trading, a decline of 87% from the average daily volume of 3,117,384 shares. The stock had previously closed at $3.54.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EVGO. Royal Bank of Canada reaffirmed an “outperform” rating and set a $4.00 price objective on shares of EVgo in a report on Friday, April 5th. Benchmark increased their price objective on shares of EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, July 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $4.00 price objective on shares of EVgo in a report on Monday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Wednesday, May 8th. Finally, Citigroup decreased their price target on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Thursday, May 9th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4.29.

EVgo Price Performance

The company’s 50 day moving average price is $2.46 and its two-hundred day moving average price is $2.40. The stock has a market capitalization of $1.03 billion, a PE ratio of -8.76 and a beta of 2.58.

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

Insider Buying and Selling at EVgo

In related news, CEO Badar Khan purchased 125,000 shares of the company’s stock in a transaction on Monday, May 13th. The stock was acquired at an average cost of $2.01 per share, for a total transaction of $251,250.00. Following the completion of the transaction, the chief executive officer now directly owns 143,874 shares in the company, valued at $289,186.74. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

A number of institutional investors have recently made changes to their positions in EVGO. Price T Rowe Associates Inc. MD grew its holdings in shares of EVgo by 11.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock valued at $160,000 after purchasing an additional 6,633 shares in the last quarter. SG Americas Securities LLC lifted its stake in EVgo by 47.0% in the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after acquiring an additional 7,687 shares during the last quarter. Voisard Asset Management Group Inc. purchased a new position in EVgo in the fourth quarter worth approximately $29,000. Atria Wealth Solutions Inc. lifted its stake in EVgo by 3.2% in the fourth quarter. Atria Wealth Solutions Inc. now owns 288,368 shares of the company’s stock worth $1,032,000 after acquiring an additional 8,879 shares during the last quarter. Finally, PFG Investments LLC lifted its stake in EVgo by 94.2% in the first quarter. PFG Investments LLC now owns 20,976 shares of the company’s stock worth $53,000 after acquiring an additional 10,176 shares during the last quarter. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.