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

EVgo, Inc. (NYSE:EVGO) shares gapped down prior to trading on Monday . The stock had previously closed at $3.47, but opened at $3.22. EVgo shares last traded at $3.38, with a volume of 1,078,480 shares traded.

Wall Street Analysts Forecast Growth

EVGO has been the topic of several research reports. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Thursday, January 16th. UBS Group cut their price target on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Royal Bank of Canada upped their price objective on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Stifel Nicolaus boosted their target price on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. 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. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $6.22.

EVgo Stock Performance

The firm’s 50-day moving average is $4.59 and its 200 day moving average is $5.03.

EVgo (NYSE:EVGO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates 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. The company’s revenue was up 92.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.09) EPS. Equities research analysts expect that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director David Nanus sold 23,000,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the sale, the director now owns 5,882,352 shares in the company, valued at approximately $29,411,760. This trade represents a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the transaction, the president now directly owns 95,986 shares in the company, valued at $327,312.26. This trade represents a 31.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,228,288 shares of company stock valued at $116,082,711. 66.96% of the stock is currently owned by corporate insiders.

Institutional Trading of EVgo

A number of hedge funds have recently made changes to their positions in EVGO. Creative Planning increased its stake in EVgo by 32.7% during the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after buying an additional 3,297 shares during the period. Legacy Capital Wealth Partners LLC grew its stake in shares of EVgo by 31.8% during the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after acquiring an additional 3,500 shares in the last quarter. Rhumbline Advisers increased its position in shares of EVgo by 3.2% during the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company’s stock worth $602,000 after acquiring an additional 4,622 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in EVgo by 20.2% in the third quarter. Janus Henderson Group PLC now owns 52,416 shares of the company’s stock valued at $217,000 after purchasing an additional 8,800 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in EVgo by 9.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 122,945 shares of the company’s stock valued at $509,000 after purchasing an additional 10,532 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.