EVgo (NYSE:EVGO) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

EVgo (NYSE:EVGO - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.02, Briefing.com reports. The company had revenue of $55.16 million during the quarter, compared to analysts' expectations of $52.41 million. During the same period in the prior year, the business posted ($0.09) earnings per share. The company's quarterly revenue was up 118.0% compared to the same quarter last year.

EVgo Price Performance

Shares of NYSE:EVGO traded down $0.04 during midday trading on Wednesday, reaching $1.75. 2,731,395 shares of the company's stock were exchanged, compared to its average volume of 2,882,517. The stock has a market cap of $527.66 million, a price-to-earnings ratio of -3.76 and a beta of 2.53. EVgo has a fifty-two week low of $1.65 and a fifty-two week high of $6.20. The firm's 50 day simple moving average is $2.25 and its two-hundred day simple moving average is $2.61.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $5.00 price objective on shares of EVgo in a research note on Thursday, March 7th. Royal Bank of Canada reiterated an "outperform" rating and set a $4.00 price objective on shares of EVgo in a research report on Friday, April 5th. Needham & Company LLC restated a "hold" rating on shares of EVgo in a report on Wednesday. Finally, Evercore ISI cut their target price on EVgo from $9.00 to $8.00 and set an "outperform" rating for the company in a research note on Thursday, March 7th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, EVgo presently has a consensus rating of "Hold" and a consensus price target of $5.19.

Insider Buying and Selling at EVgo

In other EVgo news, President Dennis G. Kish sold 34,717 shares of the company's stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total transaction of $104,151.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other EVgo news, CFO Olga Shevorenkova sold 19,363 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total transaction of $58,089.00. Following the sale, the chief financial officer now directly owns 81,991 shares in the company, valued at approximately $245,973. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, President Dennis G. Kish sold 34,717 shares of the business's stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total transaction of $104,151.00. The disclosure for this sale can be found here. Insiders have sold 56,230 shares of company stock valued at $167,409 over the last 90 days. 66.96% of the stock is owned by insiders.

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.