EVgo (NYSE:EVGO) Shares Down 5% – Time to Sell?

EVgo, Inc. (NYSE:EVGO) fell 5% during trading on Monday . The company traded as low as $7.56 and last traded at $7.57. 3,943,660 shares traded hands during mid-day trading, a decline of 8% from the average session volume of 4,303,499 shares. The stock had previously closed at $7.97.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Stifel Nicolaus upped their price target on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and raised their price objective for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of EVgo in a report on Monday, September 30th. Finally, Royal Bank of Canada lifted their price objective on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Two equities research 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Stock Performance

The business’s 50 day moving average price is $5.80 and its 200-day moving average price is $3.77. The company has a market cap of $2.26 billion, a price-to-earnings ratio of -19.20 and a beta of 2.37.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.01. The company had revenue of $66.62 million during the quarter, compared to analyst estimates of $59.40 million. The firm’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) EPS. On average, equities research analysts expect that EVgo, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In other EVgo news, insider Francine Sullivan sold 12,584 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $45,302.40. Following the transaction, the insider now owns 117,327 shares in the company, valued at $422,377.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Francine Sullivan sold 12,584 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares in the company, valued at $422,377.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Dennis G. Kish sold 16,414 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $59,090.40. Following the sale, the president now owns 47,614 shares in the company, valued at $171,410.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

A number of hedge funds and other institutional investors have recently modified their holdings of EVGO. Creative Planning lifted its stake in EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares during the last quarter. Legacy Capital Wealth Partners LLC boosted its position in EVgo by 31.8% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after buying an additional 3,500 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in EVgo by 11.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock worth $160,000 after acquiring an additional 6,633 shares during the last quarter. SG Americas Securities LLC increased its position in shares of EVgo by 47.0% in the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock valued at $59,000 after acquiring an additional 7,687 shares during the period. Finally, Atria Wealth Solutions Inc. raised its stake in shares of EVgo by 2.8% during the second quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock valued at $811,000 after acquiring an additional 8,940 shares during the last quarter. Hedge funds and other institutional investors 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.