EVgo (NASDAQ:EVGO) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• EVgo reported a quarterly EPS of ($0.10), exceeding analysts' expectations by $0.03 while also seeing a 47.1% year-over-year increase in revenue.
• The company's stock rose 0.6%, trading at $3.55 with a market cap of $1.09 billion and a consensus target price of $6.13.
• Institutional investors have increased their stakes, with significant acquisitions by firms like AQR Capital Management, which grew its position by 1,188.1% in the first quarter.

EVgo (NASDAQ:EVGO - Get Free Report) released its earnings results on Tuesday. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.03, Zacks reports. The business had revenue of $98.03 million for the quarter, compared to analysts' expectations of $86.15 million. During the same quarter in the prior year, the business posted ($0.10) EPS. The business's revenue for the quarter was up 47.1% compared to the same quarter last year. EVgo updated its FY 2025 guidance to EPS.

EVgo Price Performance

Shares of EVGO stock traded down $0.06 during mid-day trading on Thursday, hitting $3.43. The stock had a trading volume of 2,281,695 shares, compared to its average volume of 4,504,070. The firm has a market capitalization of $1.05 billion, a P/E ratio of -8.37 and a beta of 2.33. The firm's 50-day moving average is $3.77 and its two-hundred day moving average is $3.26. EVgo has a 12-month low of $2.19 and a 12-month high of $9.07.

Wall Street Analysts Forecast Growth

EVGO has been the subject of several research analyst reports. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Morgan Stanley boosted their price target on shares of EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research report on Wednesday. Finally, Roth Capital reissued a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $6.19.

Insider Buying and Selling at EVgo

In related news, President Dennis G. Kish sold 73,215 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total value of $270,163.35. Following the completion of the transaction, the president owned 72,269 shares of the company's stock, valued at $266,672.61. The trade was a 50.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 58.79% of the company's stock.

Institutional Trading of EVgo

A number of institutional investors have recently modified their holdings of EVGO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in EVgo by 31.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,339 shares of the company's stock valued at $222,000 after purchasing an additional 19,883 shares during the last quarter. AQR Capital Management LLC grew its position in shares of EVgo by 1,188.1% in the first quarter. AQR Capital Management LLC now owns 494,598 shares of the company's stock valued at $1,316,000 after purchasing an additional 456,201 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of EVgo by 25.9% during the first quarter. Millennium Management LLC now owns 5,819,392 shares of the company's stock valued at $15,480,000 after acquiring an additional 1,195,470 shares during the last quarter. 17.44% of the stock is currently owned by 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.