EVgo (NASDAQ:EVGO) Stock Price Down 5.1% - Should You Sell?

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on EVGO shares. Cantor Fitzgerald reissued an "overweight" rating and set a $8.00 price target on shares of EVgo in a research report on Wednesday, March 5th. Morgan Stanley started coverage on shares of EVgo in a research note on Tuesday. They set an "equal weight" rating and a $4.00 price objective for the company. Evercore ISI reduced their price objective on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research note on Monday, March 31st. Stifel Nicolaus reduced their price objective on shares of EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. restated an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $6.00.

EVgo Stock Up 0.8%

The firm has a market cap of $1.19 billion, a PE ratio of -9.26 and a beta of 2.27. The firm's fifty day simple moving average is $3.14 and its two-hundred day simple moving average is $3.69.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.02. The firm had revenue of $75.29 million for the quarter, compared to the consensus estimate of $70.11 million. The firm's revenue for the quarter was up 36.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) earnings per share. As a group, analysts anticipate that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

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 dated Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the transaction, the president now directly owns 72,269 shares in the company, valued at $266,672.61. The trade was a 50.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 58.79% of the company's stock.

Hedge Funds Weigh In On EVgo

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after acquiring an additional 2,043,449 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of EVgo by 93.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock valued at $4,915,000 after acquiring an additional 586,108 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of EVgo in the fourth quarter valued at about $523,000. J. Goldman & Co LP lifted its position in shares of EVgo by 59.9% in the fourth quarter. J. Goldman & Co LP now owns 2,221,877 shares of the company's stock valued at $8,999,000 after acquiring an additional 832,397 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in shares of EVgo by 175.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock worth $20,046,000 after purchasing an additional 3,153,073 shares during the last quarter. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

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.