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

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.

EVgo Inc. (NASDAQ:EVGO - Get Free Report)'s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. 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 trading hands.

The company reported ($0.10) EPS for the quarter, topping analysts' consensus estimates 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 last year, the firm earned ($0.10) earnings per share. The company's revenue for the quarter was up 47.1% compared to the same quarter last year.

Analyst Ratings Changes

Several research firms have recently weighed in on EVGO. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of EVgo in a research report on Thursday, May 8th. Roth Capital reiterated a "buy" rating on shares of EVgo in a research report on Wednesday, May 7th. Finally, Morgan Stanley increased their target price on EVgo from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $6.19.

Insider Transactions at EVgo

In related news, President Dennis G. Kish sold 73,215 shares of the company's stock in a transaction on 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 58.79% of the company's stock.

Institutional Investors Weigh In On EVgo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of 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 last quarter. JPMorgan Chase & Co. raised its position in EVgo by 93.4% during the 4th quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock worth $4,915,000 after buying an additional 586,108 shares during the last quarter. J. Goldman & Co LP raised its position in EVgo by 59.9% during 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 in the last quarter. D. E. Shaw & Co. Inc. increased its stake in shares of EVgo by 175.5% in the 4th 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 in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of EVgo during the fourth quarter worth about $7,259,000. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

EVgo Price Performance

The company's 50 day moving average price is $3.77 and its two-hundred day moving average price is $3.26. The stock has a market capitalization of $1.07 billion, a PE ratio of -8.51 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.