EVgo (NYSE:EVGO) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

EVgo (NYSE:EVGO) posted its quarterly earnings data on Thursday. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01, Briefing.com reports. The business had revenue of $66.62 million during the quarter, compared to analysts’ expectations of $59.40 million. During the same period in the prior year, the firm posted ($0.08) EPS. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. EVgo updated its FY 2024 guidance to EPS.

EVgo Price Performance

Shares of EVgo stock traded up $0.15 during trading on Friday, hitting $3.77. 6,136,224 shares of the stock traded hands, compared to its average volume of 4,636,488. The firm’s fifty day moving average is $2.77 and its 200-day moving average is $2.46. EVgo has a 52 week low of $1.65 and a 52 week high of $5.95.

Wall Street Analyst Weigh In

EVGO has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $4.00 price target on shares of EVgo in a research report on Friday, April 5th. UBS Group began coverage on EVgo in a report on Monday, July 22nd. They set a “neutral” rating and a $4.00 price objective on the stock. Evercore ISI dropped their price objective on EVgo from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Monday, May 13th. Cantor Fitzgerald increased their price objective on EVgo from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Citigroup dropped their price objective on EVgo from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4.43.

Insider Activity

In other news, CEO Badar Khan acquired 125,000 shares of EVgo stock in a transaction dated Monday, May 13th. The shares were purchased at an average cost of $2.01 per share, for a total transaction of $251,250.00. Following the transaction, the chief executive officer now owns 143,874 shares of the company’s stock, valued at $289,186.74. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 66.96% 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.