EVgo (NASDAQ:EVGO) Shares Gap Up Following Earnings Beat

EVgo, Inc. (NASDAQ:EVGO - Get Free Report) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $2.77, but opened at $3.10. EVgo shares last traded at $3.63, with a volume of 4,931,955 shares changing hands.

The company reported ($0.09) earnings per share for the quarter, topping analysts' consensus estimates 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 quarter last year, the company posted ($0.09) EPS. The company's revenue was up 36.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Evercore ISI cut their price objective on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research report on Monday, March 31st. JPMorgan Chase & Co. reissued an "overweight" rating on shares of EVgo in a research note on Thursday. UBS Group decreased their price target on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Monday, January 27th. Cantor Fitzgerald reiterated an "overweight" rating and set a $8.00 price objective on shares of EVgo in a research note on Wednesday, March 5th. Finally, Stifel Nicolaus decreased their target price on EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $6.25.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Millennium Management LLC raised its stake in EVgo by 394.4% during the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company's stock worth $18,727,000 after purchasing an additional 3,688,614 shares during the period. D. E. Shaw & Co. Inc. grew its position in EVgo by 175.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock worth $20,046,000 after acquiring an additional 3,153,073 shares during the period. SIR Capital Management L.P. increased its stake in EVgo by 326.3% during the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company's stock worth $14,311,000 after acquiring an additional 2,704,662 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of EVgo by 2,533.6% in the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company's stock valued at $10,101,000 after purchasing an additional 2,399,300 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in EVgo by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after buying an additional 2,043,449 shares during the period. Hedge funds and other institutional investors own 17.44% of the company's stock.

EVgo Stock Down 4.4 %

The company has a market cap of $1.12 billion, a price-to-earnings ratio of -8.71 and a beta of 2.27. The stock's 50-day simple moving average is $2.71 and its 200 day simple moving average is $4.05.

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.