EVgo (NASDAQ:EVGO) Issues Earnings Results

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) posted its quarterly earnings results on Tuesday. The company reported ($0.10) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.03, Zacks reports. The firm had revenue of $98.03 million during the quarter, compared to analyst estimates of $86.15 million. The firm's revenue for the quarter was up 47.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) earnings per share. EVgo updated its FY 2025 guidance to EPS.

EVgo Stock Down 0.9%

Shares of NASDAQ:EVGO traded down $0.03 during trading on Friday, hitting $3.46. 4,047,228 shares of the company traded hands, compared to its average volume of 4,534,002. The business's fifty day moving average is $3.76 and its 200-day moving average is $3.26. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -8.44 and a beta of 2.33. EVgo has a one year low of $2.19 and a one year high of $9.07.

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 73,215 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total transaction of $270,163.35. Following the completion of the transaction, the president directly owned 72,269 shares in the company, valued at approximately $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 accessible through the SEC website. Company insiders own 58.79% of the company's stock.

Hedge Funds Weigh In On EVgo

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cetera Investment Advisers boosted its position in shares of EVgo by 53.0% during the second quarter. Cetera Investment Advisers now owns 43,183 shares of the company's stock worth $158,000 after buying an additional 14,958 shares during the period. Creative Planning boosted its position in shares of EVgo by 56.4% during the second quarter. Creative Planning now owns 44,353 shares of the company's stock worth $162,000 after buying an additional 16,000 shares during the period. Millennium Management LLC boosted its position 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 worth $15,480,000 after buying an additional 1,195,470 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of EVgo by 31.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,339 shares of the company's stock worth $222,000 after buying an additional 19,883 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of EVgo by 1,188.1% during the first quarter. AQR Capital Management LLC now owns 494,598 shares of the company's stock worth $1,316,000 after buying an additional 456,201 shares during the period. 17.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

EVGO has been the subject of a number of research reports. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Morgan Stanley lifted their price target on EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, Roth Capital reaffirmed a "buy" rating on shares of EVgo in a report on Wednesday, May 7th. 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $6.19.

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.