EVgo (NASDAQ:EVGO) Shares Down 6.7% - What's Next?

Key Points

• EVgo's shares fell 6.7% to around $4.48, with trading volume significantly down by 79% from the average.
• Equities analysts have mixed ratings on EVgo: one Strong Buy, six Buy, two Hold, and one Sell, with a consensus price target of $5.82.
• The company reported a revenue increase of 47.1% year-over-year, reaching $98.03 million for the quarter, exceeding expectations.

EVgo Inc. (NASDAQ:EVGO - Get Free Report) shares fell 6.7% during mid-day trading on Tuesday . The stock traded as low as $4.45 and last traded at $4.48. 905,866 shares changed hands during trading, a decline of 79% from the average session volume of 4,399,665 shares. The stock had previously closed at $4.80.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research note on Tuesday. Morgan Stanley lifted their price objective on shares of EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. UBS Group boosted their price objective on EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of EVgo in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.82.

EVgo Stock Down 3.7%

The company has a market cap of $1.42 billion, a PE ratio of -11.27 and a beta of 2.37. The firm has a 50 day simple moving average of $4.19 and a 200-day simple moving average of $3.70.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.03. The firm had revenue of $98.03 million for the quarter, compared to the consensus estimate of $86.15 million. The company's revenue was up 47.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.10) EPS. EVgo has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that EVgo Inc. will post -0.45 EPS for the current year.

Institutional Investors Weigh In On EVgo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. grew its position in shares of EVgo by 39.4% during the 1st quarter. Invesco Ltd. now owns 1,826,705 shares of the company's stock valued at $4,859,000 after acquiring an additional 516,382 shares during the period. Nuveen LLC purchased a new stake in EVgo in the 1st quarter worth $3,833,000. Federated Hermes Inc. acquired a new position in EVgo during the first quarter worth $856,000. SG Americas Securities LLC purchased a new stake in shares of EVgo during the first quarter worth about $324,000. Finally, Ieq Capital LLC purchased a new stake in EVgo during the 1st quarter worth approximately $226,000. 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.

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