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EVgo (NASDAQ:EVGO) Shares Gap Up After Strong Earnings

EVgo logo with Auto/Tires/Trucks background

EVgo, Inc. (NASDAQ:EVGO - Get Free Report) gapped up before the market opened on Tuesday following a better than expected earnings announcement. 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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.11) by $0.02. The company's revenue was up 36.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.09) earnings per share.

Analyst Ratings Changes

Several brokerages have recently issued reports on EVGO. Evercore ISI reduced their price objective on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research note on Monday, March 31st. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. Cantor Fitzgerald restated an "overweight" rating and issued a $8.00 target price on shares of EVgo in a research note on Wednesday, March 5th. UBS Group reduced their price target on EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a research report on Monday, January 27th. Finally, JPMorgan Chase & Co. decreased their price target on EVgo from $6.00 to $5.00 and set an "overweight" rating for the company in a report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $5.78.

View Our Latest Report on EVgo

Institutional Investors Weigh In On EVgo

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. Vanguard Group Inc. grew its stake in EVgo by 20.1% during the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after acquiring an additional 2,043,449 shares in the last quarter. D. E. Shaw & Co. Inc. increased its holdings in shares of EVgo by 175.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock valued at $20,046,000 after purchasing an additional 3,153,073 shares during the last quarter. Millennium Management LLC lifted its position 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 buying an additional 3,688,614 shares in the last quarter. SIR Capital Management L.P. boosted 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 buying an additional 2,704,662 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in EVgo by 52.6% in the 4th quarter. Marshall Wace LLP now owns 3,429,931 shares of the company's stock valued at $13,891,000 after buying an additional 1,182,431 shares in the last quarter. Institutional investors and hedge funds own 17.44% of the company's stock.

EVgo Stock Performance

The business has a 50 day simple moving average of $2.62 and a 200-day simple moving average of $4.15. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -8.62 and a beta of 2.27.

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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