EVgo (NASDAQ:EVGO) Trading Down 5.6% - Here's What Happened

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a research report on Thursday. Stifel Nicolaus cut their price objective on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Needham & Company LLC reissued a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. Evercore ISI dropped their price target on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating on the stock in a research note on Monday, March 31st. Finally, UBS Group reduced their price objective on shares of EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a research note on Monday, January 27th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, EVgo currently has an average rating of "Buy" and a consensus price target of $6.25.

EVgo Trading Down 4.4 %

The firm's fifty day moving average is $2.71 and its 200 day moving average is $4.05. The stock has a market cap of $1.12 billion, a P/E ratio of -8.71 and a beta of 2.27.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.02. The company had revenue of $75.29 million during the quarter, compared to the consensus estimate of $70.11 million. EVgo's revenue for the quarter was up 36.4% on a year-over-year basis. During the same period last year, the company earned ($0.09) earnings per share. Research analysts forecast that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EVgo

Several institutional investors and hedge funds have recently made changes to their positions in the company. Merit Financial Group LLC acquired a new position in EVgo in the first quarter valued at about $31,000. Mariner LLC acquired a new position in EVgo during the 4th quarter worth about $48,000. Ballentine Partners LLC bought a new stake in EVgo during the 1st quarter worth about $32,000. FORA Capital LLC acquired a new stake in EVgo in the 4th quarter valued at about $56,000. Finally, SCP Investment LP acquired a new stake in EVgo in the 4th quarter valued at about $60,000. Institutional investors and hedge funds own 17.44% of the company's stock.

About EVgo

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.