EVgo (NASDAQ:EVGO) Stock Price Down 6.5% - Here's What Happened

Key Points

• EVgo's stock price decreased by 6.5%, trading at $4.35 and declining from its previous close of $4.65, with a trading volume of approximately 2.77 million shares.
• Analysts have mixed ratings, with a consensus price target of $6.24 and recent upgrades from Morgan Stanley and UBS Group.
• For the latest quarter, EVgo reported $98.03 million in revenue, surpassing estimates, and a smaller loss per share of ($0.10), compared to expectations of ($0.13).

EVgo Inc. (NASDAQ:EVGO - Get Free Report) traded down 6.5% during mid-day trading on Friday . The company traded as low as $4.35 and last traded at $4.35. 2,773,988 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 4,381,115 shares. The stock had previously closed at $4.65.

Analyst Ratings Changes

EVGO has been the subject of a number of analyst reports. UBS Group boosted their price target on EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Morgan Stanley upped their price objective on shares of EVgo from $4.00 to $4.50 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. One equities research analyst has 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, EVgo currently has a consensus rating of "Moderate Buy" and an average price target of $6.24.

EVgo Trading Down 2.0%

The stock has a 50-day simple moving average of $3.83 and a 200 day simple moving average of $3.47. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -10.63 and a beta of 2.33.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.03. The firm had revenue of $98.03 million for the quarter, compared to the consensus estimate of $86.15 million. The business's revenue for the quarter was up 47.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. EVgo has set its FY 2025 guidance at EPS. Sell-side analysts expect that EVgo Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of EVgo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. grew its holdings in EVgo by 27.8% during the second quarter. Ameritas Investment Partners Inc. now owns 13,089 shares of the company's stock valued at $48,000 after purchasing an additional 2,847 shares during the period. Rhumbline Advisers grew its stake in shares of EVgo by 2.5% in the first quarter. Rhumbline Advisers now owns 152,281 shares of the company's stock worth $405,000 after purchasing an additional 3,740 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of EVgo by 20.1% during the first quarter. Arizona State Retirement System now owns 35,481 shares of the company's stock valued at $94,000 after purchasing an additional 5,945 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of EVgo by 51.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 18,695 shares of the company's stock valued at $68,000 after acquiring an additional 6,320 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in EVgo by 49.3% in the 4th quarter. Cetera Investment Advisers now owns 20,888 shares of the company's stock worth $85,000 after purchasing an additional 6,900 shares during the period. 17.44% of the stock is 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.