EVgo (NASDAQ:EVGO) Trading Down 3.1% - What's Next?

EVgo Inc. (NASDAQ:EVGO - Get Free Report)'s stock price traded down 3.1% during trading on Wednesday . The stock traded as low as $4.30 and last traded at $4.38. 1,625,293 shares changed 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 Analyst Weigh In

Several analysts recently commented on EVGO shares. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.00 target price on shares of EVgo in a report on Wednesday, March 5th. Morgan Stanley set a $4.00 price objective on shares of EVgo and gave the company an "equal weight" rating in a report on Tuesday, June 3rd. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a report on Thursday, May 8th. Roth Capital reiterated a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Finally, Needham & Company LLC restated a "hold" rating on shares of EVgo in a research note on Wednesday, March 5th. Two equities research 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. Based on data from MarketBeat, EVgo has a consensus rating of "Buy" and an average target price of $6.00.

EVgo Trading Down 4.0%

The company has a market cap of $1.33 billion, a P/E ratio of -10.59 and a beta of 2.41. The company has a 50 day moving average price of $3.45 and a 200-day moving average price of $3.54.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. The business had revenue of $75.29 million for the quarter, compared to analyst estimates of $70.11 million. The firm's revenue was up 36.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. Equities analysts expect that EVgo Inc. will post -0.45 earnings per share for the current year.

Insider Activity at EVgo

In related 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 completion of the transaction, the president now owns 72,269 shares in the company, valued at $266,672.61. This trade represents a 50.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 58.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On EVgo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of 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 last quarter. JPMorgan Chase & Co. grew its position in shares of EVgo by 93.4% in the 4th quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock valued at $4,915,000 after buying an additional 586,108 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of EVgo in the 4th quarter valued at about $523,000. J. Goldman & Co LP increased its stake in shares of EVgo by 59.9% in the fourth quarter. J. Goldman & Co LP now owns 2,221,877 shares of the company's stock valued at $8,999,000 after buying an additional 832,397 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its position in shares of EVgo by 175.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock worth $20,046,000 after acquiring an additional 3,153,073 shares during the last quarter. 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.

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