EVgo (NYSE:EVGO) Shares Gap Down – Time to Sell?

EVgo, Inc. (NYSE:EVGO) shares gapped down prior to trading on Monday . The stock had previously closed at $3.47, but opened at $3.22. EVgo shares last traded at $3.38, with a volume of 1,078,480 shares trading hands.

Analysts Set New Price Targets

EVGO has been the topic of several research reports. Stifel Nicolaus boosted their price objective on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Royal Bank of Canada boosted their price objective on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. UBS Group cut their price objective on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.22.

EVgo Trading Down 2.2 %

The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -8.08 and a beta of 2.32. The firm’s 50 day moving average price is $4.71 and its two-hundred day moving average price is $5.03.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $67.50 million for the quarter, compared to the consensus estimate of $66.52 million. EVgo’s revenue was up 92.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.09) EPS. As a group, equities research analysts predict that EVgo, Inc. will post -0.45 EPS for the current year.

Insider Transactions at EVgo

In related news, 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 value of $75,077.28. Following the transaction, the president now owns 13,655 shares in the company, valued at approximately $58,989.60. This represents a 56.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $856,966.50. Following the completion of the transaction, the chief executive officer now owns 348,761 shares in the company, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,184,104 shares of company stock worth $115,932,044 in the last ninety days. Insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp grew its stake in EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after buying an additional 847,777 shares during the last quarter. Geode Capital Management LLC boosted its holdings in EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after purchasing an additional 90,887 shares during the period. International Assets Investment Management LLC bought a new stake in EVgo in the 3rd quarter valued at about $51,000. Verition Fund Management LLC bought a new stake in EVgo in the 3rd quarter valued at about $653,000. Finally, Maven Securities LTD bought a new stake in EVgo in the 3rd quarter valued at about $497,000. Institutional investors and hedge funds own 17.44% 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.