EVgo (NASDAQ:EVGO) Stock Price Down 7.1% - What's Next?

EVgo Inc. (NASDAQ:EVGO - Get Free Report)'s stock price fell 7.1% during trading on Monday . The company traded as low as $3.27 and last traded at $3.29. 2,696,371 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 4,513,417 shares. The stock had previously closed at $3.54.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on EVGO. Roth Capital reissued a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. JPMorgan Chase & Co. reissued an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. 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. Finally, Morgan Stanley set a $4.00 price objective on shares of EVgo and gave the stock an "equal weight" rating in a research note on Tuesday, June 3rd. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $6.00.

EVgo Stock Performance

The company has a 50 day moving average of $3.77 and a two-hundred day moving average of $3.32. The stock has a market capitalization of $1.06 billion, a PE ratio of -8.41 and a beta of 2.34.

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

Insider Activity

In related news, President Dennis G. Kish sold 73,215 shares of the company'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 transaction, the president directly owned 72,269 shares of the company's stock, valued at $266,672.61. This represents a 50.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 58.79% of the stock is currently owned by insiders.

Hedge Funds Weigh In On EVgo

Several hedge funds have recently made changes to their positions in the company. Summit Securities Group LLC acquired a new position in shares of EVgo in the 1st quarter valued at about $30,000. Merit Financial Group LLC acquired a new position in shares of EVgo in the 1st quarter valued at about $31,000. Ballentine Partners LLC acquired a new position in shares of EVgo in the 1st quarter valued at about $32,000. Hsbc Holdings PLC acquired a new position in shares of EVgo in the 1st quarter valued at about $38,000. Finally, Adams Wealth Management acquired a new stake in shares of EVgo during the 1st quarter valued at about $46,000. 17.44% of the stock is owned by institutional investors and hedge funds.

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.