EVgo (NYSE:EVGO) Shares Gap Up – What’s Next?

EVgo, Inc. (NYSE:EVGO)’s share price gapped up prior to trading on Friday . The stock had previously closed at $6.22, but opened at $6.79. EVgo shares last traded at $6.25, with a volume of 3,667,708 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and increased their target price for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price on the stock in a research report on Thursday, October 3rd. UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and increased their target price for the company from $4.00 to $8.50 in a research report on Thursday, October 10th. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of EVgo in a research note on Monday, September 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, EVgo presently has an average rating of “Buy” and a consensus target price of $6.61.

EVgo Stock Performance

The firm has a 50-day simple moving average of $6.88 and a 200 day simple moving average of $4.60.

EVgo (NYSE:EVGO) last released its earnings results 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 firm had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. The company’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. Equities analysts expect that EVgo, Inc. will post -0.41 EPS for the current year.

Insider Activity at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $5.14, for a total transaction of $856,966.50. Following the sale, the chief executive officer now directly owns 348,761 shares in the company, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

A number of institutional investors have recently bought and sold shares of the company. Marshall Wace LLP increased its stake in EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of EVgo in the third quarter valued at about $51,000. Point72 Asset Management L.P. acquired a new stake in shares of EVgo in the second quarter valued at about $1,749,000. SIR Capital Management L.P. grew its stake in shares of EVgo by 76.9% in the second quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after buying an additional 416,800 shares in the last quarter. Finally, HITE Hedge Asset Management LLC acquired a new stake in EVgo during the 2nd quarter valued at approximately $495,000. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

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.