EVgo (NYSE:EVGO) Stock Price Down 6%

EVgo, Inc. (NYSE:EVGO) shares dropped 6% during trading on Monday . The company traded as low as $4.21 and last traded at $4.21. Approximately 694,872 shares changed hands during trading, a decline of 78% from the average daily volume of 3,104,589 shares. The stock had previously closed at $4.48.

Analysts Set New Price Targets

EVGO has been the subject of several recent analyst reports. Benchmark lifted their price target on EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price target on shares of EVgo in a research report on Monday, September 9th. Stifel Nicolaus dropped their price target on shares of EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Thursday, August 29th. Finally, UBS Group assumed coverage on shares of EVgo in a research note on Monday, July 22nd. They set a “neutral” rating and a $4.00 target price for the company. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.63.

EVgo Price Performance

The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -11.13 and a beta of 2.59. The business’s 50-day simple moving average is $3.85 and its two-hundred day simple moving average is $2.78.

EVgo (NYSE:EVGO) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.01. The company had revenue of $66.62 million during the quarter, compared to analyst estimates of $59.40 million. The company’s revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.08) earnings per share. As a group, sell-side analysts expect that EVgo, Inc. will post -0.4 EPS for the current year.

Insider Activity

In other news, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the sale, the president now directly owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the transaction, the president now owns 47,614 shares in the company, valued at approximately $171,410.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Francine Sullivan sold 12,584 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the sale, the insider now owns 117,327 shares of the company’s stock, valued at $422,377.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 31,475 shares of company stock valued at $110,189. Company insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC bought a new stake in shares of EVgo during the fourth quarter valued at approximately $580,000. KBC Group NV lifted 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 during the period. Blueshift Asset Management LLC bought a new stake in shares of EVgo in the 4th quarter valued at about $72,000. Voisard Asset Management Group Inc. acquired a new position in EVgo during the 4th quarter worth approximately $29,000. Finally, Wellington Management Group LLP increased its position in shares of EVgo by 34.9% in the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock valued at $13,158,000 after acquiring an additional 951,272 shares during the last quarter. 17.44% of the stock is owned by institutional investors.

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.