EVgo (NASDAQ:EVGO) Trading Up 6.8% - Should You Buy?

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) shares were up 6.8% during mid-day trading on Monday . The stock traded as high as $4.14 and last traded at $4.07. Approximately 1,518,004 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 4,483,237 shares. The stock had previously closed at $3.81.

Wall Street Analyst Weigh In

EVGO has been the subject of several recent research reports. Morgan Stanley increased their target price on shares of EVgo from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Roth Capital reaffirmed a "buy" rating on shares of EVgo in a report on Wednesday, May 7th. UBS Group raised their price objective on EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. restated an "overweight" rating on shares of EVgo in a report on Thursday, May 8th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $6.24.

EVgo Stock Up 5.2%

The firm has a 50-day moving average of $3.72 and a two-hundred day moving average of $3.29. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -9.85 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 for the quarter, compared to analysts' expectations of $86.15 million. During the same quarter in the prior year, the firm earned ($0.10) earnings per share. The company's revenue was up 47.1% on a year-over-year basis. EVgo has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that EVgo Inc. will post -0.45 EPS for the current year.

Hedge Funds Weigh In On EVgo

Several large investors have recently made changes to their positions in the business. J. Goldman & Co LP boosted its stake in EVgo by 59.9% during the fourth quarter. J. Goldman & Co LP now owns 2,221,877 shares of the company's stock worth $8,999,000 after buying an additional 832,397 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake in EVgo by 175.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock valued at $20,046,000 after acquiring an additional 3,153,073 shares during the period. BNP Paribas Financial Markets bought a new position in EVgo during the fourth quarter worth about $7,259,000. Fortress Investment Group LLC acquired a new position in shares of EVgo in the 4th quarter worth approximately $405,000. Finally, California State Teachers Retirement System lifted its position in shares of EVgo by 1,198.5% during the 4th quarter. California State Teachers Retirement System now owns 94,761 shares of the company's stock worth $384,000 after buying an additional 87,463 shares during the period. Institutional investors and hedge funds 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.