EVgo (NYSE:EVGO) Stock Price Down 3.8% – Should You Sell?

EVgo, Inc. (NYSE:EVGO)’s stock price was down 3.8% during mid-day trading on Wednesday . The stock traded as low as $3.15 and last traded at $3.19. Approximately 564,719 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 5,282,288 shares. The stock had previously closed at $3.31.

Wall Street Analyst Weigh In

Several equities research analysts have commented on EVGO shares. UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and upped their price target for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. JPMorgan Chase & Co. reduced their price objective on EVgo from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Friday, December 20th. Royal Bank of Canada lifted their target price on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. Finally, TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and lifted their price target for the stock from $5.00 to $7.00 in a research note on Thursday, October 3rd. Two 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 stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Price Performance

The company’s 50-day simple moving average is $5.00 and its 200 day simple moving average is $5.01. The firm has a market cap of $1.04 billion, a P/E ratio of -8.19 and a beta of 2.35.

EVgo (NYSE:EVGO) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The company had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. During the same period last year, the business earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 92.3% on a year-over-year basis. Analysts anticipate that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

Insider Transactions at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the sale, the chief executive officer now owns 348,761 shares of the company’s stock, valued at $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Dennis G. Kish sold 17,379 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the transaction, the president now owns 13,655 shares in the company, valued at approximately $58,989.60. This trade represents a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,184,104 shares of company stock worth $115,932,044 over the last ninety days. Company insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd purchased a new stake in shares of EVgo during the 2nd quarter valued at about $45,000. International Assets Investment Management LLC acquired a new position in EVgo in the 3rd quarter worth $51,000. Creative Planning boosted its position in EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after buying an additional 3,297 shares during the last quarter. Legacy Capital Wealth Partners LLC grew its stake in shares of EVgo by 31.8% during the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after acquiring an additional 3,500 shares in the last quarter. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of EVgo during the fourth quarter worth about $72,000. Institutional investors and hedge funds 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.