EVgo (NYSE:EVGO) Sees Unusually-High Trading Volume After Insider Buying Activity

EVgo, Inc. (NYSE:EVGO - Get Free Report) saw unusually-high trading volume on Wednesday after an insider bought additional shares in the company. Approximately 1,532,766 shares were traded during mid-day trading, a decline of 49% from the previous session's volume of 2,977,103 shares.The stock last traded at $2.34 and had previously closed at $2.27.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on EVGO shares. Evercore ISI cut their price objective on EVgo from $8.00 to $7.00 and set an "outperform" rating on the stock in a report on Monday. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a report on Wednesday, May 8th. Cantor Fitzgerald raised EVgo from a "neutral" rating to an "overweight" rating and dropped their target price for the stock from $5.00 to $4.00 in a report on Thursday, May 9th. Citigroup dropped their target price on EVgo from $3.00 to $2.00 and set a "neutral" rating on the stock in a report on Thursday, May 9th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $4.00 target price on shares of EVgo in a report on Friday, April 5th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $4.75.

EVgo Price Performance

The firm has a fifty day simple moving average of $2.15 and a 200 day simple moving average of $2.60. The company has a market capitalization of $711.59 million, a price-to-earnings ratio of -6.21 and a beta of 2.53.

EVgo (NYSE:EVGO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.02. The business had revenue of $55.16 million during the quarter, compared to analyst estimates of $52.41 million. The firm's revenue for the quarter was up 118.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.09) earnings per share. Research analysts predict that EVgo, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On EVgo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted its position in shares of EVgo by 323.5% in the third quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company's stock valued at $9,207,000 after acquiring an additional 2,080,839 shares in the last quarter. Prime Capital Investment Advisors LLC purchased a new position in EVgo during the fourth quarter worth approximately $59,000. Dark Forest Capital Management LP lifted its position in EVgo by 1,862.2% during the third quarter. Dark Forest Capital Management LP now owns 244,722 shares of the company's stock worth $827,000 after buying an additional 232,250 shares in the last quarter. Handelsbanken Fonder AB purchased a new position in EVgo during the fourth quarter worth approximately $121,000. Finally, Vanguard Group Inc. lifted its position in EVgo by 4.6% during the third quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company's stock worth $32,114,000 after buying an additional 421,704 shares in the last quarter. Hedge funds and other institutional investors own 17.44% of the company's stock.

EVgo Company Profile

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.