EVgo (NYSE:EVGO) Shares Gap Up to $3.84

EVgo, Inc. (NYSE:EVGO) shares gapped up prior to trading on Thursday . The stock had previously closed at $3.84, but opened at $4.18. EVgo shares last traded at $4.58, with a volume of 4,107,369 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on EVGO shares. Evercore ISI decreased their target price on shares of EVgo from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Monday, May 13th. Benchmark boosted their price target on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $4.00 price target on shares of EVgo in a report on Monday, July 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Wednesday, May 8th. Finally, UBS Group assumed coverage on shares of EVgo in a report on Monday, July 22nd. They set a “neutral” rating and a $4.00 target price for the company. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, EVgo has a consensus rating of “Moderate Buy” and an average price target of $4.29.

EVgo Stock Down 3.1 %

The stock’s 50-day simple moving average is $2.70 and its 200 day simple moving average is $2.44. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -11.63 and a beta of 2.58.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) EPS for the quarter, beating 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 business’s revenue for the quarter was up 118.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) earnings per share. On average, sell-side analysts expect that EVgo, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at EVgo

In other EVgo news, CEO Badar Khan bought 125,000 shares of the stock in a transaction dated Monday, May 13th. The shares were 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 owns 143,874 shares in the company, valued at approximately $289,186.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 66.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EVgo

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in EVgo by 42.6% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company’s stock valued at $1,251,000 after acquiring an additional 152,436 shares during the period. Bank of New York Mellon Corp increased its position in EVgo by 12.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 408,687 shares of the company’s stock worth $1,001,000 after purchasing an additional 46,157 shares in the last quarter. Atria Wealth Solutions Inc. increased its position in EVgo by 2.8% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock worth $811,000 after purchasing an additional 8,940 shares in the last quarter. SG Americas Securities LLC increased its position in EVgo by 47.0% during the 2nd quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after purchasing an additional 7,687 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in EVgo by 32.2% in the 1st quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock valued at $798,000 after buying an additional 77,354 shares during the period. 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.