EVgo (NASDAQ:EVGO) Stock Price Up 5% - Should You Buy?

Key Points

• EVgo's share price rose by 5% during trading, reaching a high of $3.87 before closing at $3.78, despite a 70% decrease in average trading volume.
• Brokerage reports show mixed sentiments with target prices set as low as $4.00 by Evercore ISI and Morgan Stanley, while the consensus rating remains a "Buy" with a price target of $6.13.
• Recent insider activity included President Dennis G. Kish selling 73,215 shares of EVgo, reducing his ownership stake by over 50%.

EVgo Inc. (NASDAQ:EVGO - Get Free Report)'s stock price traded up 5% during trading on Monday . The company traded as high as $3.87 and last traded at $3.78. 1,330,026 shares were traded during trading, a decline of 70% from the average session volume of 4,411,313 shares. The stock had previously closed at $3.60.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Morgan Stanley set a $4.00 price objective on EVgo and gave the company an "equal weight" rating in a report on Tuesday, June 3rd. JPMorgan Chase & Co. reissued an "overweight" rating on shares of EVgo in a research report on Thursday, May 8th. Finally, Roth Capital restated a "buy" rating on shares of EVgo in a report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $6.13.

EVgo Stock Down 2.3%

The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -8.22 and a beta of 2.34. The stock has a fifty day moving average of $3.81 and a 200-day moving average of $3.26.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.02. The company had revenue of $75.29 million during the quarter, compared to analysts' expectations of $70.11 million. During the same period last year, the firm earned ($0.09) earnings per share. EVgo's revenue was up 36.4% on a year-over-year basis. On average, equities analysts forecast that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling at EVgo

In related news, President Dennis G. Kish sold 73,215 shares of the company's stock in a transaction 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 sale, the president owned 72,269 shares in the company, valued at $266,672.61. This represents a 50.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 58.79% of the company's stock.

Institutional Investors Weigh In On EVgo

Several hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new stake in EVgo during the 1st quarter worth approximately $30,000. Merit Financial Group LLC purchased a new position in EVgo in the 1st quarter valued at $31,000. Ballentine Partners LLC acquired a new position in EVgo in the 1st quarter valued at $32,000. Hsbc Holdings PLC acquired a new stake in shares of EVgo in the 1st quarter worth $38,000. Finally, Ethic Inc. purchased a new stake in shares of EVgo in the second quarter valued at about $38,000. Institutional investors and hedge funds own 17.44% of the company's stock.

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.