EVgo (NASDAQ:EVGO) Stock Price Down 5.1% - What's Next?

EVgo, Inc. (NASDAQ:EVGO - Get Free Report)'s share price fell 5.1% during trading on Monday . The company traded as low as $3.75 and last traded at $3.75. 1,221,604 shares changed hands during trading, a decline of 73% from the average session volume of 4,463,137 shares. The stock had previously closed at $3.95.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Evercore ISI reduced their target price on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating on the stock in a report on Monday, March 31st. Cantor Fitzgerald reissued an "overweight" rating and issued a $8.00 price objective on shares of EVgo in a research report on Wednesday, March 5th. Morgan Stanley set a $4.00 target price on shares of EVgo and gave the stock an "equal weight" rating in a research report on Tuesday. Roth Capital reaffirmed a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus reduced their price target on EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $6.00.

EVgo Stock Performance

The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -9.52 and a beta of 2.41. The business has a fifty day moving average price of $3.17 and a 200 day moving average price of $3.68.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. The firm had revenue of $75.29 million for the quarter, compared to analyst estimates of $70.11 million. The business's revenue was up 36.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.09) earnings per share. On average, analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In other EVgo news, President Dennis G. Kish sold 73,215 shares of EVgo stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total transaction of $270,163.35. Following the transaction, the president now directly owns 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 accessible through this hyperlink. Corporate insiders own 58.79% of the company's stock.

Hedge Funds Weigh In On EVgo

A number of hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its position in shares of EVgo by 394.4% in the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company's stock worth $18,727,000 after buying an additional 3,688,614 shares during the period. D. E. Shaw & Co. Inc. lifted its position in EVgo by 175.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock worth $20,046,000 after acquiring an additional 3,153,073 shares in the last quarter. SIR Capital Management L.P. lifted its position in EVgo by 326.3% during the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company's stock worth $14,311,000 after acquiring an additional 2,704,662 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in EVgo by 2,533.6% in the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company's stock worth $10,101,000 after acquiring an additional 2,399,300 shares during the period. Finally, HITE Hedge Asset Management LLC grew its position in EVgo by 220.0% in the first quarter. HITE Hedge Asset Management LLC now owns 3,348,303 shares of the company's stock valued at $8,906,000 after acquiring an additional 2,301,886 shares in the last quarter. Hedge funds and other institutional investors 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.