EVgo (NASDAQ:EVGO) Stock Price Down 3.1% - Should You Sell?

EVgo Inc. (NASDAQ:EVGO - Get Free Report)'s stock price traded down 3.1% on Wednesday . The company traded as low as $4.30 and last traded at $4.38. 1,625,293 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 4,424,719 shares. The stock had previously closed at $4.52.

Wall Street Analysts Forecast Growth

EVGO has been the subject of several recent analyst reports. Evercore ISI dropped their price objective on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a report on Monday, March 31st. Morgan Stanley set a $4.00 price target on EVgo and gave the company an "equal weight" rating in a report on Tuesday, June 3rd. Stifel Nicolaus cut their price objective on EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Needham & Company LLC restated a "hold" rating on shares of EVgo in a report on Wednesday, March 5th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $6.00.

EVgo Stock Performance

The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -9.54 and a beta of 2.41. The business's 50-day simple moving average is $3.54 and its 200-day simple moving average is $3.50.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.02. The business 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 company earned ($0.09) earnings per share. The company's quarterly revenue was up 36.4% on a year-over-year basis. On average, analysts forecast that EVgo Inc. will post -0.45 earnings per share for the current year.

Insider Activity

In other EVgo news, President Dennis G. Kish sold 73,215 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the transaction, the president now owns 72,269 shares of the company's stock, valued at approximately $266,672.61. This represents a 50.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 58.79% of the stock is currently owned by company insiders.

Institutional Trading of EVgo

A number of hedge funds have recently modified their holdings of EVGO. Vanguard Group Inc. raised its holdings in EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock worth $49,414,000 after purchasing an additional 2,043,449 shares during the period. Millennium Management LLC raised its stake in EVgo by 25.9% during the 1st quarter. Millennium Management LLC now owns 5,819,392 shares of the company's stock worth $15,480,000 after buying an additional 1,195,470 shares during the period. D. E. Shaw & Co. Inc. raised its stake in EVgo by 175.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock worth $20,046,000 after buying an additional 3,153,073 shares during the period. SIR Capital Management L.P. lifted its holdings in EVgo by 326.3% during the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company's stock worth $14,311,000 after acquiring an additional 2,704,662 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in EVgo by 52.6% in the fourth quarter. Marshall Wace LLP now owns 3,429,931 shares of the company's stock valued at $13,891,000 after acquiring an additional 1,182,431 shares during the period. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.