EVgo (NASDAQ:EVGO) Stock Price Up 3.8% - Here's What Happened

Shares of EVgo, Inc. (NASDAQ:EVGO - Get Free Report) rose 3.8% during mid-day trading on Wednesday . The company traded as high as $4.15 and last traded at $4.11. Approximately 3,054,898 shares traded hands during trading, a decline of 31% from the average daily volume of 4,419,312 shares. The stock had previously closed at $3.96.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Roth Capital reaffirmed a "buy" rating on shares of EVgo in a report on Wednesday, May 7th. Stifel Nicolaus decreased their price target on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a report on Wednesday, March 5th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $6.25.

EVgo Stock Down 0.8%

The firm's 50-day moving average is $3.08 and its 200-day moving average is $3.71. The company has a market capitalization of $1.20 billion, a PE ratio of -9.29 and a beta of 2.27.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.02. The company had revenue of $75.29 million during the quarter, compared to analysts' expectations of $70.11 million. During the same quarter last year, the firm posted ($0.09) earnings per share. The firm's revenue was up 36.4% on a year-over-year basis. As a group, equities research analysts predict that EVgo, Inc. will post -0.45 EPS for the current year.

Insider Activity

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 value of $270,163.35. Following the completion of the transaction, the president now directly owns 72,269 shares of the company's stock, valued at $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 is available at this link. Insiders own 58.79% of the company's stock.

Hedge Funds Weigh In On EVgo

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its position in EVgo by 394.4% in the 4th 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 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock worth $20,046,000 after purchasing an additional 3,153,073 shares during the period. SIR Capital Management L.P. grew its position in EVgo by 326.3% in the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company's stock worth $14,311,000 after purchasing an additional 2,704,662 shares during the period. Two Sigma Advisers LP grew its position in EVgo by 2,533.6% in the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company's stock worth $10,101,000 after purchasing an additional 2,399,300 shares during the period. Finally, HITE Hedge Asset Management LLC grew its position in EVgo by 220.0% in the 1st quarter. HITE Hedge Asset Management LLC now owns 3,348,303 shares of the company's stock worth $8,906,000 after purchasing an additional 2,301,886 shares during the period. Institutional investors own 17.44% of the company's stock.

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.