EVgo (NYSE:EVGO) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

EVgo (NYSE:EVGO) announced its quarterly earnings results on Tuesday. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01), Briefing.com reports. The company had revenue of $67.50 million for the quarter, compared to the consensus estimate of $66.52 million. During the same quarter in the prior year, the company earned ($0.09) EPS. EVgo’s revenue for the quarter was up 92.3% compared to the same quarter last year. EVgo updated its FY 2024 guidance to EPS.

EVgo Stock Up 8.4 %

Shares of NYSE EVGO traded up $0.41 during midday trading on Wednesday, hitting $5.30. The stock had a trading volume of 1,534,279 shares, compared to its average volume of 4,504,052. The business’s 50 day moving average is $6.06 and its 200-day moving average is $4.00. The company has a market cap of $1.60 billion, a P/E ratio of -13.25 and a beta of 2.38. EVgo has a 52 week low of $1.65 and a 52 week high of $9.07.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price target on the stock in a research report on Thursday, October 3rd. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada upped their price objective on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Finally, TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and upped their price objective for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $6.61.

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.