EVgo (NYSE:EVGO) Stock Price Up 7.9% – What’s Next?

EVgo, Inc. (NYSE:EVGO)’s share price traded up 7.9% on Thursday . The company traded as high as $8.67 and last traded at $8.64. 1,867,241 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 4,299,164 shares. The stock had previously closed at $8.01.

Wall Street Analyst Weigh In

Several research firms have issued reports on EVGO. UBS Group upgraded 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 report on Thursday, October 10th. Royal Bank of Canada increased their price objective on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. TD Cowen raised EVgo from a “hold” rating to a “buy” rating and lifted their target price for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Capital One Financial raised shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th. Finally, Stifel Nicolaus reduced their price objective on shares of EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. 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. Based on data from MarketBeat.com, EVgo currently has an average rating of “Buy” and an average target price of $6.17.

EVgo Price Performance

The stock has a 50 day moving average of $5.15 and a 200 day moving average of $3.46. The firm has a market cap of $2.58 billion, a P/E ratio of -22.37 and a beta of 2.58.

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

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction that occurred 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 transaction, the president now owns 47,614 shares in the company, valued at $171,410.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Francine Sullivan sold 12,584 shares of the firm’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 $45,302.40. Following the transaction, the insider now directly owns 117,327 shares in the company, valued at $422,377.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Dennis G. Kish sold 16,414 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 $59,090.40. Following the sale, the president now directly owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Legacy Capital Wealth Partners LLC purchased a new position in EVgo during the second quarter valued at $27,000. International Assets Investment Management LLC bought a new stake in EVgo in the third quarter worth $51,000. Creative Planning boosted its stake in shares of EVgo by 32.7% during the 3rd 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 period. Bleakley Financial Group LLC purchased a new stake in EVgo in the first quarter worth $36,000. Finally, SG Americas Securities LLC bought a new stake in shares of EVgo during the first quarter valued at approximately $41,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

EVgo Company Profile

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.