EVgo (NASDAQ:EVGO) Trading 7.5% Higher – Still a Buy?

EVgo, Inc. (NASDAQ:EVGO)’s share price was up 7.5% during mid-day trading on Monday . The stock traded as high as $2.58 and last traded at $2.58. Approximately 312,991 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 4,430,897 shares. The stock had previously closed at $2.40.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on EVGO. JPMorgan Chase & Co. reduced their price target on shares of EVgo from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Stifel Nicolaus reduced their target price on EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 target price on shares of EVgo in a report on Wednesday, March 5th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. Finally, UBS Group dropped their target price on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $6.11.

EVgo Price Performance

The stock has a 50 day simple moving average of $3.08 and a two-hundred day simple moving average of $4.80. The company has a market capitalization of $784.19 million, a price-to-earnings ratio of -6.10 and a beta of 2.37.

EVgo (NASDAQ:EVGO) last issued its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.04. The business had revenue of $67.51 million for the quarter, compared to analysts’ expectations of $69.49 million. Equities research analysts predict that EVgo, Inc. will post -0.45 EPS for the current year.

Insider Activity

In other news, President Dennis G. Kish sold 44,184 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the sale, the president now owns 95,986 shares of the company’s stock, valued at $327,312.26. This represents a 31.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

A number of institutional investors have recently made changes to their positions in the business. Millennium Management LLC raised its position in shares of EVgo by 394.4% during the 4th quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock worth $18,727,000 after purchasing an additional 3,688,614 shares during the period. D. E. Shaw & Co. Inc. lifted its position in shares of EVgo by 175.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock valued at $20,046,000 after acquiring an additional 3,153,073 shares during the last quarter. SIR Capital Management L.P. increased its stake in EVgo by 326.3% in the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock worth $14,311,000 after purchasing an additional 2,704,662 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of EVgo by 2,533.6% during the fourth quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock valued at $10,101,000 after acquiring an additional 2,399,300 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock valued at $49,414,000 after purchasing an additional 2,043,449 shares in the last quarter. 17.44% of the stock is owned by institutional investors and hedge funds.

About EVgo

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.