EVgo Sees Unusually Large Options Volume (NYSE:EVGO)

EVgo, Inc. (NYSE:EVGO) was the target of some unusual options trading activity on Thursday. Stock traders bought 7,980 call options on the stock. This represents an increase of approximately 318% compared to the typical volume of 1,910 call options.

EVgo Stock Down 3.6 %

EVGO stock traded down $0.14 during trading on Thursday, hitting $3.70. The company had a trading volume of 10,639,120 shares, compared to its average volume of 3,179,452. The firm has a market capitalization of $1.12 billion, a P/E ratio of -11.63 and a beta of 2.58. EVgo has a 52-week low of $1.65 and a 52-week high of $5.95. The company has a 50 day simple moving average of $2.70 and a 200-day simple moving average of $2.44.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on EVGO shares. Benchmark raised their target price on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Citigroup lowered their target price on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Thursday, May 9th. UBS Group started coverage on shares of EVgo in a report on Monday, July 22nd. They issued a “neutral” rating and a $4.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and issued a $4.00 target price on shares of EVgo in a report on Friday, April 5th. Finally, Evercore ISI lowered their target price on shares of EVgo from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Monday, May 13th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $4.29.

Insider Buying and Selling at EVgo

In other EVgo news, CEO Badar Khan acquired 125,000 shares of the stock in a transaction on Monday, May 13th. The stock was acquired at an average price 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 of the company’s stock, valued at $289,186.74. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 66.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in EVGO. Voisard Asset Management Group Inc. purchased a new position in EVgo during the 4th quarter valued at about $29,000. Simplicity Wealth LLC purchased a new position in EVgo during the 1st quarter valued at about $36,000. Bleakley Financial Group LLC purchased a new position in EVgo during the 1st quarter valued at about $36,000. SG Americas Securities LLC purchased a new position in shares of EVgo in the 1st quarter worth approximately $41,000. Finally, Sippican Capital Advisors purchased a new position in shares of EVgo in the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

EVgo Company Profile

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.