EVgo (NASDAQ:EVGO) Shares Up 11.7% - Here's What Happened

Key Points

• EVgo shares surged 11.7% during trading, rising from a previous close of $4.27 to $4.77, although the trading volume decreased by 66% from average levels.
• Recent analyst reports show a mixed outlook for EVgo, with UBS raising its price target to $5.40 while Weiss Ratings maintained a sell rating, resulting in a consensus rating of "Moderate Buy."
• EVgo reported revenues of $98.03 million for the last quarter, exceeding expectations and marking a 47.1% year-over-year increase in revenue.

EVgo Inc. (NASDAQ:EVGO - Get Free Report) shares shot up 11.7% during trading on Monday . The company traded as high as $4.77 and last traded at $4.77. 1,505,149 shares traded hands during trading, a decline of 66% from the average session volume of 4,395,594 shares. The stock had previously closed at $4.27.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EVGO. Morgan Stanley boosted their price target on shares of EVgo from $4.00 to $4.50 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Weiss Ratings restated a "sell (d-)" rating on shares of EVgo in a research report on Wednesday, October 8th. Finally, UBS Group lifted their price objective on shares of EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $5.82.

EVgo Trading Up 10.1%

The company has a market capitalization of $1.45 billion, a P/E ratio of -11.46 and a beta of 2.37. The business's fifty day moving average price is $4.17 and its 200-day moving average price is $3.69.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.03. The business had revenue of $98.03 million during the quarter, compared to the consensus estimate of $86.15 million. The business's revenue for the quarter was up 47.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.10) earnings per share. EVgo has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that EVgo Inc. will post -0.45 EPS for the current year.

Institutional Trading of EVgo

Hedge funds have recently added to or reduced their stakes in the business. Soros Fund Management LLC increased its position in shares of EVgo by 342.2% during the second quarter. Soros Fund Management LLC now owns 4,976,983 shares of the company's stock valued at $18,166,000 after buying an additional 3,851,583 shares during the period. HITE Hedge Asset Management LLC increased its position in shares of EVgo by 220.0% during the first quarter. HITE Hedge Asset Management LLC now owns 3,348,303 shares of the company's stock valued at $8,906,000 after buying an additional 2,301,886 shares during the period. Nuveen LLC purchased a new position in shares of EVgo during the first quarter valued at about $3,833,000. Millennium Management LLC increased its position in shares of EVgo by 25.9% during the first quarter. Millennium Management LLC now owns 5,819,392 shares of the company's stock valued at $15,480,000 after buying an additional 1,195,470 shares during the period. Finally, Jump Financial LLC purchased a new position in shares of EVgo during the second quarter valued at about $2,280,000. 17.44% of the stock is owned by institutional investors.

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.

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