EVgo Sees Unusually High Options Volume (NASDAQ:EVGO)

Key Points

• EVgo call-option activity surged: Traders purchased 15,524 call options, approximately 1,664% above the typical daily volume of 880 contracts.
• Institutional ownership increased among several investors, including AQR Capital Management, Millennium Management, Creative Planning and Cetera Investment Advisers; institutions collectively own 17.44% of EVgo.
• EVgo shares rose 9.9% to $1.56, despite mixed analyst sentiment. The stock has a consensus rating of “Hold” and a $5.28 average price target, while quarterly revenue increased 45.4% year over year to $109.53 million.

EVgo Inc. (NASDAQ:EVGO - Get Free Report) was the recipient of some unusual options trading on Monday. Stock traders purchased 15,524 call options on the stock. This is an increase of approximately 1,664% compared to the typical daily volume of 880 call options.

Hedge Funds Weigh In On EVgo

Hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its holdings in EVgo by 1,188.1% during the first quarter. AQR Capital Management LLC now owns 494,598 shares of the company's stock worth $1,316,000 after buying an additional 456,201 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in EVgo by 31.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,339 shares of the company's stock valued at $222,000 after acquiring an additional 19,883 shares during the last quarter. Millennium Management LLC lifted its stake in EVgo by 25.9% in 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. Creative Planning grew its position in shares of EVgo by 56.4% in the 2nd quarter. Creative Planning now owns 44,353 shares of the company's stock valued at $162,000 after acquiring an additional 16,000 shares during the period. Finally, Cetera Investment Advisers grew its position in shares of EVgo by 53.0% in the 2nd quarter. Cetera Investment Advisers now owns 43,183 shares of the company's stock valued at $158,000 after acquiring an additional 14,958 shares during the period. 17.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on EVGO shares. Wall Street Zen downgraded EVgo from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 9th. Royal Bank Of Canada lowered their price objective on shares of EVgo from $4.50 to $3.00 and set an "outperform" rating on the stock in a report on Wednesday, May 6th. Weiss Ratings reissued a "sell (e+)" rating on shares of EVgo in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. restated an "underweight" rating on shares of EVgo in a report on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $5.28.

EVgo Stock Up 9.9%

Shares of NASDAQ:EVGO traded up $0.14 during midday trading on Monday, reaching $1.56. The company had a trading volume of 5,645,123 shares, compared to its average volume of 4,060,766. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 5.39. The business's 50 day moving average price is $1.91 and its 200 day moving average price is $2.26. The stock has a market cap of $489.62 million, a PE ratio of -4.46 and a beta of 2.78. EVgo has a 1-year low of $1.41 and a 1-year high of $5.18.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.02. The company had revenue of $109.53 million for the quarter. The business's revenue was up 45.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.09) earnings per share. Research analysts forecast that EVgo will post -0.51 EPS for the current fiscal year.

About EVgo

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.

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