EVgo (NYSE:EVGO) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

EVgo (NYSE:EVGO) released its earnings results on Thursday. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01, Briefing.com reports. The company had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $59.40 million. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.08) EPS. EVgo updated its FY 2024 guidance to EPS.

EVgo Trading Up 4.1 %

EVGO stock traded up $0.15 during trading on Friday, reaching $3.77. 6,136,224 shares of the stock were exchanged, compared to its average volume of 4,636,488. EVgo has a 1 year low of $1.65 and a 1 year high of $5.95. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -9.92 and a beta of 2.58. The business has a 50 day moving average price of $2.77 and a 200-day moving average price of $2.46.

Insider Buying and Selling

In related news, CEO Badar Khan bought 125,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $2.01 per share, for a total transaction of $251,250.00. Following the acquisition, the chief executive officer now owns 143,874 shares of the company’s stock, valued at $289,186.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 66.96% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

EVGO has been the topic of several research reports. Benchmark raised their target price on EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Friday. Evercore ISI lowered their target price on shares of EVgo from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Monday, May 13th. Citigroup reduced their target price on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Finally, UBS Group assumed coverage on shares of EVgo in a research report on Monday, July 22nd. They set a “neutral” rating and a $4.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $4.43.

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.