EVgo (NASDAQ:EVGO) Trading Up 12.5% Following Earnings Beat

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

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 for the quarter, compared to the consensus estimate of $70.11 million. During the same quarter in the previous year, the firm earned ($0.09) EPS. The firm's revenue for the quarter was up 36.4% on a year-over-year basis.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a research note on Wednesday, March 5th. UBS Group lowered their price target on shares of EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a research report on Monday, January 27th. JPMorgan Chase & Co. restated an "overweight" rating on shares of EVgo in a research report on Thursday. Stifel Nicolaus lowered their price target on shares of EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $8.00 price target on shares of EVgo in a research report on Wednesday, March 5th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $6.25.

Hedge Funds Weigh In On EVgo

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of EVgo by 20.1% during the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after purchasing an additional 2,043,449 shares in the last quarter. JPMorgan Chase & Co. raised its position in EVgo by 93.4% during the fourth quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock valued at $4,915,000 after acquiring an additional 586,108 shares in the last quarter. Quantbot Technologies LP bought a new position in EVgo during the fourth quarter valued at approximately $523,000. Geode Capital Management LLC grew its holdings in EVgo by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 2,432,183 shares of the company's stock valued at $9,853,000 after purchasing an additional 12,320 shares during the last quarter. Finally, Crescent Park Management L.P. acquired a new position in EVgo during the fourth quarter valued at approximately $377,000. Institutional investors own 17.44% of the company's stock.

EVgo Price Performance

The firm's 50 day moving average price is $2.71 and its 200-day moving average price is $4.02. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -8.90 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.