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.
Read Our Latest Research Report on EVGO
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
(
Get Free Report)
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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