EVgo (NYSE:EVGO) Sees Strong Trading Volume – Time to Buy?

Shares of EVgo, Inc. (NYSE:EVGO) saw unusually-high trading volume on Tuesday . Approximately 12,709,538 shares changed hands during trading, an increase of 170% from the previous session’s volume of 4,703,462 shares.The stock last traded at $4.71 and had previously closed at $6.32.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and raised their target price for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. Royal Bank of Canada upped their price target on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research 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 for the company in a research note on Thursday, October 3rd. Finally, UBS Group upgraded shares of 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 note on Thursday, October 10th. Two 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. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Stock Performance

The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -10.62 and a beta of 2.24. The business has a fifty day simple moving average of $6.75 and a 200 day simple moving average of $4.71.

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

Insiders Place Their Bets

In other news, CEO Badar Khan sold 166,725 shares of the business’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 value of $856,966.50. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in 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 purchasing an additional 847,777 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in EVgo in the second quarter valued at about $1,749,000. Marshall Wace LLP grew its position 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 acquiring an additional 651,475 shares during the last quarter. SIR Capital Management L.P. raised its stake 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 in the last quarter. Finally, HITE Hedge Asset Management LLC lifted its holdings 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 worth $1,714,000 after acquiring an additional 212,004 shares during the last quarter. 17.44% of the stock is owned by 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.