EVgo (NASDAQ:EVGO) Reaches New 12-Month Low - What's Next?

Key Points

• EVgo shares hit a new 52-week low, trading as low as $1.61 before last changing hands around $1.65. The move underscores continued pressure on the stock.
• Analyst sentiment remains cautious, with multiple firms issuing bearish calls, including sell, strong sell, and underweight ratings. The consensus rating is currently Hold, with an average price target of $5.28.
• The company’s most recent quarter showed 45.4% revenue growth to $109.53 million and an adjusted EPS beat versus expectations, but EVgo is still projected to post a full-year loss. The stock also carries elevated leverage, with a debt-to-equity ratio of 5.39.

EVgo Inc. (NASDAQ:EVGO - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $1.61 and last traded at $1.6450, with a volume of 593252 shares traded. The stock had previously closed at $1.67.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EVGO. Weiss Ratings restated a "sell (e+)" rating on shares of EVgo in a research note on Wednesday, July 15th. Wall Street Zen lowered shares of EVgo from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 9th. Royal Bank Of Canada decreased their price objective on shares of EVgo from $4.50 to $3.00 and set an "outperform" rating for the company in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. reiterated an "underweight" rating on shares of EVgo in a research note on Tuesday. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $5.28.

EVgo Stock Performance

The company has a debt-to-equity ratio of 5.39, a current ratio of 2.07 and a quick ratio of 2.07. The company has a 50 day simple moving average of $1.94 and a 200-day simple moving average of $2.30. The stock has a market capitalization of $519.44 million, a P/E ratio of -4.73 and a beta of 2.78.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.02. The firm had revenue of $109.53 million for the quarter. During the same period last year, the firm earned ($0.09) EPS. The business's revenue for the quarter was up 45.4% compared to the same quarter last year. On average, equities analysts forecast that EVgo Inc. will post -0.51 EPS for the current year.

Hedge Funds Weigh In On EVgo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. grew its position in EVgo by 7.4% in the fourth quarter. Advisors Asset Management Inc. now owns 70,388 shares of the company's stock worth $205,000 after acquiring an additional 4,826 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in EVgo by 22.5% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 26,798 shares of the company's stock valued at $78,000 after purchasing an additional 4,926 shares in the last quarter. Quarry LP raised its position in EVgo by 145.0% during the fourth quarter. Quarry LP now owns 9,307 shares of the company's stock valued at $27,000 after purchasing an additional 5,508 shares in the last quarter. DRW Securities LLC lifted its stake in EVgo by 19.2% during the fourth quarter. DRW Securities LLC now owns 39,655 shares of the company's stock worth $115,000 after purchasing an additional 6,389 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in EVgo by 18.6% during the second quarter. The Manufacturers Life Insurance Company now owns 46,791 shares of the company's stock worth $171,000 after purchasing an additional 7,331 shares during the last quarter. Institutional investors own 17.44% of the company's stock.

EVgo Company Profile

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.