EVgo (NASDAQ:EVGO) Stock Price Up 6.2% – Here’s What Happened

EVgo, Inc. (NASDAQ:EVGO) shot up 6.2% during mid-day trading on Monday . The company traded as high as $2.79 and last traded at $2.73. 1,324,527 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 4,352,182 shares. The stock had previously closed at $2.57.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on EVGO. Stifel Nicolaus dropped their price target on shares of EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 target price on shares of EVgo in a research report on Wednesday, March 5th. JPMorgan Chase & Co. cut their target price on EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Finally, Evercore ISI cut their price objective on EVgo from $7.00 to $4.00 and set an “outperform” rating on the stock in a research note on Monday, March 31st. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $5.78.

EVgo Stock Performance

The company has a market capitalization of $787.25 million, a P/E ratio of -6.12 and a beta of 2.28. The company has a 50-day simple moving average of $2.83 and a 200 day simple moving average of $4.65.

EVgo (NASDAQ:EVGO) last issued its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. As a group, sell-side analysts forecast that EVgo, Inc. will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the sale, the president now owns 95,986 shares in the company, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Hedge funds have recently modified their holdings of the company. California State Teachers Retirement System grew its position in EVgo by 1,198.5% during the 4th quarter. California State Teachers Retirement System now owns 94,761 shares of the company’s stock worth $384,000 after acquiring an additional 87,463 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of EVgo in the fourth quarter valued at about $1,001,000. Voloridge Investment Management LLC acquired a new position in EVgo during the 4th quarter worth about $5,682,000. Two Sigma Advisers LP grew its holdings in EVgo by 2,533.6% during the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock worth $10,101,000 after acquiring an additional 2,399,300 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in EVgo by 296.4% in the 4th quarter. Two Sigma Investments LP now owns 2,720,342 shares of the company’s stock valued at $11,017,000 after acquiring an additional 2,034,045 shares in the last quarter. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.