EVgo (NYSE:EVGO) Trading 5% Higher – Here’s Why

EVgo, Inc. (NYSE:EVGO) shares rose 5% during mid-day trading on Thursday . The company traded as high as $6.48 and last traded at $6.45. Approximately 1,505,173 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 4,616,707 shares. The stock had previously closed at $6.14.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Royal Bank of Canada boosted their target price on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and raised their target price for the stock from $5.00 to $7.00 in a research note on Thursday, October 3rd. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and upped their price target for the company from $4.00 to $8.50 in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price objective for the company in a research report on Thursday, October 3rd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, EVgo has a consensus rating of “Buy” and a consensus target price of $6.61.

EVgo Stock Performance

The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -15.17 and a beta of 2.24. The firm has a fifty day moving average price of $6.73 and a 200-day moving average price of $4.48.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to analysts’ expectations of $66.52 million. The firm’s quarterly revenue was up 92.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) EPS. On average, sell-side analysts forecast that EVgo, Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at EVgo

In other news, CEO Badar Khan sold 166,725 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the transaction, the chief executive officer now owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

A number of institutional investors have recently added to or reduced their stakes in EVGO. Tidal Investments LLC grew its stake in shares of EVgo by 714.2% during the third quarter. Tidal Investments LLC now owns 94,541 shares of the company’s stock worth $391,000 after buying an additional 82,929 shares during the last quarter. Barclays PLC grew its position in EVgo by 280.6% during the 3rd quarter. Barclays PLC now owns 132,981 shares of the company’s stock worth $551,000 after acquiring an additional 98,041 shares during the last quarter. Geode Capital Management LLC increased its holdings in EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after purchasing an additional 90,887 shares in the last quarter. State Street Corp raised its position in EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after purchasing an additional 847,777 shares during the last quarter. Finally, Point72 DIFC Ltd boosted its stake in shares of EVgo by 188.2% during the third quarter. Point72 DIFC Ltd now owns 52,965 shares of the company’s stock valued at $219,000 after purchasing an additional 34,584 shares in the last quarter. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.