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

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on EVGO shares. Roth Capital reissued a "buy" rating on shares of EVgo in a report on Wednesday, May 7th. Needham & Company LLC restated a "hold" rating on shares of EVgo in a research note on Wednesday, March 5th. Evercore ISI reduced their price target on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating on the stock in a research report on Monday, March 31st. Stifel Nicolaus decreased their price objective 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. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $8.00 target price on shares of EVgo in a research note on Wednesday, March 5th. One analyst has rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $6.25.

EVgo Price Performance

The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -9.00 and a beta of 2.27. The business has a 50-day moving average of $3.08 and a 200-day moving average of $3.69.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.11) by $0.02. The firm had revenue of $75.29 million during the quarter, compared to analyst estimates of $70.11 million. During the same quarter in the prior year, the business earned ($0.09) EPS. The business's revenue was up 36.4% compared to the same quarter last year. As a group, equities analysts anticipate that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 73,215 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total value of $270,163.35. Following the sale, the president now directly owns 72,269 shares in the company, valued at approximately $266,672.61. This trade represents a 50.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 58.79% of the company's stock.

Hedge Funds Weigh In On EVgo

Several large investors have recently bought and sold shares of EVGO. Summit Securities Group LLC acquired a new position in EVgo in the 1st quarter valued at approximately $30,000. Merit Financial Group LLC acquired a new stake in EVgo in the first quarter valued at $31,000. Ballentine Partners LLC bought a new position in EVgo during the 1st quarter worth $32,000. Hsbc Holdings PLC acquired a new position in EVgo during the 1st quarter worth about $38,000. Finally, Adams Wealth Management bought a new stake in shares of EVgo in the 1st quarter valued at about $46,000. 17.44% of the stock is currently owned by institutional investors.

About EVgo

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.