EVgo (NYSE:EVGO) Shares Up 8.6% – Time to Buy?

EVgo, Inc. (NYSE:EVGO) shares rose 8.6% on Wednesday . The stock traded as high as $5.48 and last traded at $5.31. Approximately 3,083,413 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 4,511,094 shares. The stock had previously closed at $4.89.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Capital One Financial raised shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Thursday, October 3rd. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Wednesday. UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $4.00 to $8.50 in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $5.00 target price on shares of EVgo in a report on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, EVgo presently has a consensus rating of “Buy” and an average target price of $6.61.

EVgo Price Performance

The firm has a 50 day moving average price of $6.10 and a 200-day moving average price of $4.02. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -12.02 and a beta of 2.38.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. The company’s revenue was up 92.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) earnings per share. On average, sell-side analysts expect that EVgo, Inc. will post -0.4 EPS for the current fiscal year.

Institutional Trading of EVgo

A number of institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. bought a new position in shares of EVgo in the 2nd quarter worth $1,749,000. Marshall Wace LLP grew its position in shares of EVgo by 66.4% during the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after buying an additional 651,475 shares during the period. SIR Capital Management L.P. raised its position in shares of EVgo by 76.9% in the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after acquiring an additional 416,800 shares during the period. HITE Hedge Asset Management LLC bought a new position in EVgo during the 2nd quarter worth approximately $495,000. Finally, Squarepoint Ops LLC acquired a new position in EVgo during the second quarter valued at approximately $495,000. 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.