EVgo (NASDAQ:EVGO) Shares Down 5.6% - What's Next?

EVgo, Inc. (NASDAQ:EVGO - Get Free Report) shares fell 5.6% during mid-day trading on Monday . The stock traded as low as $2.66 and last traded at $2.69. 529,438 shares changed hands during trading, a decline of 87% from the average session volume of 4,016,640 shares. The stock had previously closed at $2.85.

Wall Street Analyst Weigh In

A number of research firms recently commented on EVGO. Evercore ISI lowered their target price 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. JPMorgan Chase & Co. dropped their price objective on shares of EVgo from $6.00 to $5.00 and set an "overweight" rating on the stock in a report on Wednesday, March 12th. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. UBS Group cut their price objective on EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a report on Monday, January 27th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.00 target price on shares of EVgo in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $5.78.

EVgo Stock Performance

The business's 50 day moving average price is $2.62 and its 200 day moving average price is $4.19. The firm has a market cap of $851.58 million, a price-to-earnings ratio of -6.62 and a beta of 2.28.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.04. The firm had revenue of $67.51 million during the quarter, compared to analysts' expectations of $69.49 million. Sell-side analysts anticipate that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of EVgo

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Merit Financial Group LLC acquired a new stake in EVgo in the 1st quarter worth about $31,000. Mariner LLC purchased a new stake in EVgo in the 4th quarter valued at $48,000. Ballentine Partners LLC purchased a new position in shares of EVgo during the 1st quarter worth $32,000. FORA Capital LLC acquired a new position in EVgo in the 4th quarter valued at about $56,000. Finally, SCP Investment LP acquired a new position in EVgo in the fourth quarter valued at approximately $60,000. 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.

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