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

Key Points

• EVgo's shares gapped up significantly from $3.53 to $4.10 after the company reported better-than-expected earnings, with an EPS of ($0.10) compared to analysts' expectations of ($0.13).
• The company achieved a 47.1% year-over-year revenue growth, indicating strong operational performance.
• Wall Street analysts have a generally positive outlook on EVgo, with an average rating of "Buy" and a price target of $6.13.

Shares of 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 $3.53, but opened at $4.10. EVgo shares last traded at $3.71, with a volume of 3,207,497 shares changing hands.

The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.03. The company had revenue of $98.03 million for the quarter, compared to the consensus estimate of $86.15 million. During the same period in the prior year, the company earned ($0.10) EPS. The firm's revenue was up 47.1% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on EVGO shares. JPMorgan Chase & Co. reissued an "overweight" rating on shares of EVgo in a research report on Thursday, May 8th. Roth Capital reissued a "buy" rating on shares of EVgo in a report on Wednesday, May 7th. Finally, Morgan Stanley boosted their target price on shares of EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $6.19.

Insiders Place Their Bets

In related news, President Dennis G. Kish sold 73,215 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total transaction of $270,163.35. Following the completion of the transaction, the president owned 72,269 shares in the company, valued at approximately $266,672.61. This represents a 50.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 58.79% of the company's stock.

Hedge Funds Weigh In On EVgo

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in EVgo by 20.1% during the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock worth $49,414,000 after purchasing an additional 2,043,449 shares during the period. JPMorgan Chase & Co. boosted its position in shares of EVgo by 93.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock valued at $4,915,000 after acquiring an additional 586,108 shares during the period. J. Goldman & Co LP boosted its position in shares of EVgo by 59.9% in the fourth quarter. J. Goldman & Co LP now owns 2,221,877 shares of the company's stock valued at $8,999,000 after acquiring an additional 832,397 shares during the period. D. E. Shaw & Co. Inc. boosted its position 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 acquiring an additional 3,153,073 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in shares of EVgo in the fourth quarter valued at approximately $7,259,000. Institutional investors own 17.44% of the company's stock.

EVgo Stock Down 0.9%

The business's 50-day moving average price is $3.76 and its 200 day moving average price is $3.26. The company has a market capitalization of $1.06 billion, a P/E ratio of -8.44 and a beta of 2.33.

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.