EVgo (NYSE:EVGO) Trading Down 3.7% Following Analyst Downgrade

EVgo, Inc. (NYSE:EVGO) traded down 3.7% during trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $7.00 to $6.00. Stifel Nicolaus currently has a buy rating on the stock. EVgo traded as low as $3.55 and last traded at $3.60. 516,848 shares were traded during trading, a decline of 84% from the average session volume of 3,208,091 shares. The stock had previously closed at $3.74.

Other research analysts have also issued research reports about the stock. Cantor Fitzgerald boosted their price objective on shares of EVgo from $4.00 to $5.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Citigroup reduced their price objective on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Benchmark boosted their target price on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Friday, August 2nd. Finally, Evercore ISI dropped their target price on shares of EVgo from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Monday, May 13th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, EVgo presently has a consensus rating of “Moderate Buy” and an average price target of $4.63.

Insider Activity

In other EVgo news, CEO Badar Khan acquired 125,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $2.01 per share, with a total value of $251,250.00. Following the acquisition, the chief executive officer now directly owns 143,874 shares of the company’s stock, valued at $289,186.74. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

A number of hedge funds have recently added to or reduced their stakes in EVGO. Wellington Management Group LLP boosted its holdings in EVgo by 34.9% during the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after buying an additional 951,272 shares in the last quarter. Vanguard Group Inc. raised its position in EVgo by 4.6% during the third quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock worth $32,114,000 after acquiring an additional 421,704 shares during the period. SIR Capital Management L.P. raised its position in EVgo by 76.9% during the second quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock worth $2,349,000 after acquiring an additional 416,800 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in EVgo by 42.6% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company’s stock worth $1,251,000 after acquiring an additional 152,436 shares during the period. Finally, KBC Group NV raised its position in EVgo by 88.7% during the fourth quarter. KBC Group NV now owns 227,367 shares of the company’s stock worth $814,000 after acquiring an additional 106,869 shares during the period. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Stock Down 0.5 %

The stock’s 50-day simple moving average is $2.86 and its two-hundred day simple moving average is $2.48. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -9.55 and a beta of 2.58.

EVgo (NYSE:EVGO) last issued its earnings results on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million during the quarter, compared to analyst estimates of $59.40 million. EVgo’s quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) earnings per share. On average, sell-side analysts forecast that EVgo, Inc. will post -0.38 EPS for the current year.

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.