EVgo (NASDAQ:EVGO) Trading 12.5% Higher on Strong Earnings

EVgo, Inc. (NASDAQ:EVGO - Get Free Report)'s share price was up 12.5% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $4.14 and last traded at $4.13. Approximately 3,138,107 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 4,221,742 shares. The stock had previously closed at $3.67.

The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates 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. During the same period in the prior year, the business earned ($0.09) EPS. The company's revenue for the quarter was up 36.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

EVGO has been the subject of several research reports. Needham & Company LLC restated a "hold" rating on shares of EVgo in a research note on Wednesday, March 5th. UBS Group dropped their price objective on shares of EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a research note on Monday, January 27th. JPMorgan Chase & Co. restated an "overweight" rating on shares of EVgo in a research report on Thursday. Stifel Nicolaus cut their price target on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Finally, Roth Capital restated a "buy" rating on shares of EVgo in a report on Wednesday. One research analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, EVgo currently has an average rating of "Buy" and an average price target of $6.25.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of EVgo by 20.1% in the 4th 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 in the last quarter. D. E. Shaw & Co. Inc. boosted its holdings 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 worth $20,046,000 after acquiring an additional 3,153,073 shares in the last quarter. Millennium Management LLC grew its stake in shares of EVgo by 394.4% in the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company's stock worth $18,727,000 after acquiring an additional 3,688,614 shares during the last quarter. SIR Capital Management L.P. increased its holdings in shares of EVgo by 326.3% during the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company's stock valued at $14,311,000 after acquiring an additional 2,704,662 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of EVgo by 52.6% in the 4th quarter. Marshall Wace LLP now owns 3,429,931 shares of the company's stock worth $13,891,000 after purchasing an additional 1,182,431 shares during the last quarter. Hedge funds and other institutional investors own 17.44% of the company's stock.

EVgo Trading Down 4.4 %

The stock's 50 day moving average is $2.71 and its 200-day moving average is $4.08. The company has a market cap of $1.12 billion, a P/E ratio of -8.71 and a beta of 2.27.

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.