EVgo (NASDAQ:EVGO) Trading Down 6.2% After Insider Selling

EVgo, Inc. (NASDAQ:EVGO - Get Free Report) dropped 6.2% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $3.47 and last traded at $3.49. Approximately 1,199,586 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 4,374,263 shares. The stock had previously closed at $3.72.

Specifically, President Dennis G. Kish sold 73,215 shares of the firm's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the completion of the sale, the president now owns 72,269 shares of the company's stock, valued at $266,672.61. This trade represents a 50.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Dennis G. Kish sold 46,785 shares of EVgo stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $3.75, for a total transaction of $175,443.75. Following the completion of the sale, the president now owns 145,484 shares of the company's stock, valued at $545,565. This trade represents a 24.33% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several analysts have weighed in on the company. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a research note on Wednesday, March 5th. Evercore ISI decreased their price objective on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research report on Monday, March 31st. UBS Group reduced their target price on EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a research note on Monday, January 27th. Roth Capital reissued a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $6.25.

EVgo Price Performance

The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -9.14 and a beta of 2.27. The stock has a 50 day moving average price of $2.97 and a 200-day moving average price of $3.74.

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

Hedge Funds Weigh In On EVgo

A number of institutional investors and hedge funds have recently bought and sold shares of EVGO. Summit Securities Group LLC acquired a new stake in EVgo in the 1st quarter valued at about $30,000. Merit Financial Group LLC acquired a new stake in shares of EVgo in the first quarter valued at approximately $31,000. Mariner LLC acquired a new stake in shares of EVgo in the fourth quarter valued at approximately $48,000. Ballentine Partners LLC purchased a new position in EVgo during the first quarter worth approximately $32,000. Finally, FORA Capital LLC acquired a new position in EVgo during the fourth quarter worth $56,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.