EVgo (NYSE:EVGO) Trading Down 5.3% – Time to Sell?

EVgo, Inc. (NYSE:EVGO)’s stock price fell 5.3% during mid-day trading on Wednesday . The company traded as low as $6.22 and last traded at $6.23. 1,613,103 shares traded hands during trading, a decline of 65% from the average session volume of 4,611,132 shares. The stock had previously closed at $6.58.

Analyst Ratings Changes

A number of analysts recently weighed in on EVGO shares. Royal Bank of Canada increased their price objective on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price target on the stock in a research note on Thursday, October 3rd. UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $4.00 to $8.50 in a research report on Thursday, October 10th. Capital One Financial upgraded EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Stifel Nicolaus increased their price target on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Two 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 stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $6.61.

EVgo Stock Performance

The firm’s 50 day simple moving average is $6.88 and its 200-day simple moving average is $4.60.

EVgo (NYSE:EVGO) last posted its quarterly earnings results 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 company had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. During the same quarter last year, the firm earned ($0.09) earnings per share. The company’s revenue for the quarter was up 92.3% compared to the same quarter last year. Equities research analysts anticipate that EVgo, Inc. will post -0.41 earnings per share for the current year.

Insider Activity at EVgo

In related news, CEO Badar Khan sold 166,725 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total transaction of $856,966.50. Following the transaction, the chief executive officer now owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 66.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EVGO. State Street Corp lifted its position in EVgo by 25.3% during the 3rd 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 last quarter. Point72 Asset Management L.P. acquired a new position in EVgo in the 2nd quarter valued at approximately $1,749,000. Marshall Wace LLP lifted its position in shares of EVgo by 66.4% in the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after acquiring an additional 651,475 shares during the period. SIR Capital Management L.P. raised 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 purchasing an additional 416,800 shares in the last quarter. Finally, HITE Hedge Asset Management LLC lifted its position in EVgo by 105.0% in the third quarter. HITE Hedge Asset Management LLC now owns 413,906 shares of the company’s stock worth $1,714,000 after purchasing an additional 212,004 shares during the period. Institutional investors and hedge funds 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.