EVgo (NASDAQ:EVGO) Trading 6.8% Higher - Here's Why

Key Points

• EVgo's share price increased by 6.8% to $4.07 after closing at $3.81, with trading volume significantly lower than average.
• Analysts have raised EVgo's price target, with Morgan Stanley increasing it from $4.00 to $4.50 and the stock currently holds an average rating of "Buy" with a price target of $6.19.
• EVgo reported a net revenue of $98.03 million for the quarter, exceeding estimates and reflecting a year-over-year increase of 47.1%.

EVgo Inc. (NASDAQ:EVGO - Get Free Report)'s share price shot up 6.8% during trading on Monday . The stock traded as high as $4.14 and last traded at $4.07. 1,518,004 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 4,483,237 shares. The stock had previously closed at $3.81.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Morgan Stanley lifted their price target on EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Roth Capital reissued a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, EVgo currently has an average rating of "Buy" and an average price target of $6.19.

EVgo Stock Up 10.8%

The company's 50-day simple moving average is $3.75 and its 200 day simple moving average is $3.27. The firm has a market capitalization of $1.30 billion, a PE ratio of -10.29 and a beta of 2.33.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.03. The company had revenue of $98.03 million during the quarter, compared to analyst estimates of $86.15 million. EVgo's revenue for the quarter was up 47.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.10) EPS. On average, sell-side analysts forecast that EVgo Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Activity at EVgo

In related news, President Dennis G. Kish sold 73,215 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the completion of the transaction, the president directly owned 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 58.79% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EVGO. Geode Capital Management LLC lifted its position in EVgo by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 2,432,183 shares of the company's stock valued at $9,853,000 after purchasing an additional 12,320 shares during the period. Legal & General Group Plc raised its holdings in shares of EVgo by 1,081.4% during the 4th quarter. Legal & General Group Plc now owns 103,681 shares of the company's stock valued at $420,000 after buying an additional 94,905 shares during the period. Renaissance Technologies LLC lifted its stake in shares of EVgo by 5,576.8% in the fourth quarter. Renaissance Technologies LLC now owns 669,861 shares of the company's stock worth $2,713,000 after acquiring an additional 658,061 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of EVgo in the 4th quarter valued at approximately $80,000. Finally, Barclays PLC grew its holdings in EVgo by 138.0% during the 4th quarter. Barclays PLC now owns 316,538 shares of the company's stock worth $1,282,000 after acquiring an additional 183,557 shares in the last quarter. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.