EVgo (NYSE:EVGO) Trading 3.4% Higher – What’s Next?

EVgo, Inc. (NYSE:EVGO) rose 3.4% during trading on Tuesday . The stock traded as high as $5.57 and last traded at $5.55. Approximately 834,767 shares traded hands during trading, a decline of 82% from the average daily volume of 4,571,767 shares. The stock had previously closed at $5.37.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on EVGO. Stifel Nicolaus upped their price objective on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of EVgo in a research report on Monday, September 30th. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. JPMorgan Chase & Co. upgraded EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a report on Thursday, October 3rd. Finally, Royal Bank of Canada upped their price objective on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Two investment 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 stock. According to MarketBeat.com, EVgo has an average rating of “Buy” and a consensus target price of $6.61.

EVgo Stock Up 7.3 %

The company has a market cap of $1.74 billion, a PE ratio of -13.71 and a beta of 2.38. The firm has a fifty day simple moving average of $6.15 and a 200-day simple moving average of $4.10.

EVgo (NYSE:EVGO) last posted 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 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 period in the prior year, the firm earned ($0.09) earnings per share. Equities research analysts forecast that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at EVgo

In other news, CEO Badar Khan sold 166,725 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 348,761 shares in the company, valued at $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 66.96% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On EVgo

A number of large investors have recently bought and sold shares of the company. State Street Corp increased its stake in shares of EVgo by 25.3% during the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after acquiring an additional 847,777 shares during the period. Point72 Asset Management L.P. acquired a new position in EVgo during the 2nd quarter worth approximately $1,749,000. Marshall Wace LLP raised its stake 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 in the last quarter. SIR Capital Management L.P. lifted its holdings 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 buying an additional 416,800 shares during the period. Finally, HITE Hedge Asset Management LLC boosted its stake in shares of EVgo by 105.0% in the third quarter. HITE Hedge Asset Management LLC now owns 413,906 shares of the company’s stock valued at $1,714,000 after buying an additional 212,004 shares in the last quarter. Hedge funds and other institutional investors own 17.44% of the company’s stock.

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.