EVgo (NASDAQ:EVGO) Stock Price Up 8% - What's Next?

EVgo Inc. (NASDAQ:EVGO - Get Free Report)'s stock price traded up 8% during mid-day trading on Monday . The company traded as high as $4.20 and last traded at $4.07. 2,289,089 shares were traded during mid-day trading, a decline of 48% from the average session volume of 4,433,460 shares. The stock had previously closed at $3.77.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Roth Capital reaffirmed a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Evercore ISI cut their target price on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research note on Monday, March 31st. Morgan Stanley set a $4.00 price target on shares of EVgo and gave the company an "equal weight" rating in a research note on Tuesday, June 3rd. Finally, JPMorgan Chase & Co. reissued an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $6.13.

EVgo Stock Down 4.1%

The business's fifty day simple moving average is $3.83 and its two-hundred day simple moving average is $3.28. The company has a market cap of $1.16 billion, a price-to-earnings ratio of -9.20 and a beta of 2.34.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $75.29 million during the quarter, compared to analysts' expectations of $70.11 million. EVgo's quarterly revenue was up 36.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. Sell-side analysts predict that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Insider Activity

In other EVgo news, President Dennis G. Kish sold 73,215 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total transaction of $270,163.35. Following the completion of the sale, the president directly owned 72,269 shares of the company's stock, valued at approximately $266,672.61. This trade represents a 50.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 58.79% of the stock is currently owned by corporate insiders.

Institutional Trading of EVgo

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after acquiring an additional 2,043,449 shares during the period. Millennium Management LLC boosted its stake in shares of EVgo by 25.9% during the first quarter. Millennium Management LLC now owns 5,819,392 shares of the company's stock valued at $15,480,000 after acquiring an additional 1,195,470 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of EVgo by 175.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock valued at $20,046,000 after buying an additional 3,153,073 shares during the last quarter. SIR Capital Management L.P. lifted its stake in shares of EVgo by 326.3% during the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company's stock worth $14,311,000 after purchasing an additional 2,704,662 shares during the period. Finally, Marshall Wace LLP boosted its stake in 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 buying an additional 1,182,431 shares during the last quarter. 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.