EVgo (NYSE:EVGO) Reaches New 52-Week High – Here’s Why

EVgo, Inc. (NYSE:EVGO) shares hit a new 52-week high on Wednesday . The company traded as high as $8.24 and last traded at $8.24, with a volume of 2831840 shares. The stock had previously closed at $7.63.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on EVGO. JPMorgan Chase & Co. raised shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Thursday, October 3rd. UBS Group raised EVgo from a “neutral” rating to a “buy” rating and raised their price objective for the company from $4.00 to $8.50 in a research report on Thursday, October 10th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and lifted their price objective for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research note on Thursday, August 29th. Finally, Capital One Financial raised EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $6.17.

EVgo Price Performance

The firm has a 50-day moving average of $4.79 and a 200 day moving average of $3.28. The company has a market capitalization of $2.49 billion, a PE ratio of -22.39 and a beta of 2.58.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $59.40 million. During the same period in the previous year, the business earned ($0.08) EPS. The business’s revenue was up 31.8% compared to the same quarter last year. Equities analysts expect that EVgo, Inc. will post -0.4 EPS for the current year.

Insider Activity

In related news, President Dennis G. Kish sold 16,414 shares of EVgo 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 completion of the sale, the president now owns 47,614 shares of the company’s stock, valued at $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other EVgo 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 sale, the insider now directly owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the transaction, 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. Insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Several hedge funds and other institutional investors have recently modified their holdings of EVGO. Marshall Wace LLP increased its holdings in EVgo by 66.4% in the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after acquiring an additional 651,475 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of EVgo by 0.4% in the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after purchasing an additional 37,168 shares in the last quarter. Wellington Management Group LLP raised its position in shares of EVgo by 34.9% during the 4th quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock valued at $13,158,000 after purchasing an additional 951,272 shares during the period. Bleakley Financial Group LLC purchased a new position in shares of EVgo during the 1st quarter valued at $36,000. Finally, Tidal Investments LLC boosted its holdings in EVgo by 32.2% in the 1st quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock worth $798,000 after buying an additional 77,354 shares during the period. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

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.