Stock Traders Buy High Volume of EVgo Call Options (NASDAQ:EVGO)

Key Points

• EVgo call-option activity surged: Investors purchased 4,024 call options, roughly 320% above the average volume of 959 contracts.
• Shares jumped 49.6% to $1.89 on unusually heavy trading, with more than 53.4 million shares exchanged versus an average volume of about 4.2 million.
• Analyst sentiment remains mixed, with six Buy, one Hold, and two Sell ratings; the consensus rating is Hold with a $2.93 price target. EVgo’s latest quarter beat EPS expectations, but revenue fell 15.7% year over year.

EVgo Inc. (NASDAQ:EVGO - Get Free Report) saw unusually large options trading on Monday. Stock investors acquired 4,024 call options on the stock. This is an increase of 320% compared to the average volume of 959 call options.

Analyst Ratings Changes

A number of equities analysts have commented on EVGO shares. JPMorgan Chase & Co. downgraded shares of EVgo from a "neutral" rating to an "underweight" rating in a research note on Tuesday, July 21st. Roth Capital set a $2.00 price objective on EVgo in a research report on Monday, August 10th. Cantor Fitzgerald dropped their price objective on shares of EVgo from $4.00 to $3.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. UBS Group reissued a "buy" rating on shares of EVgo in a research report on Wednesday, October 7th. Finally, Stifel Nicolaus decreased their price objective on EVgo from $7.00 to $6.00 and set a "buy" rating for the company in a report on Tuesday, August 25th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $2.93.

EVgo Trading Up 49.6%

Shares of NASDAQ:EVGO traded up $0.62 during mid-day trading on Monday, reaching $1.89. 53,407,073 shares of the company were exchanged, compared to its average volume of 4,156,811. The company has a debt-to-equity ratio of 5.39, a current ratio of 2.19 and a quick ratio of 2.19. The firm has a market cap of $592.87 million, a price-to-earnings ratio of -4.71 and a beta of 2.87. The firm's 50-day simple moving average is $1.30 and its 200 day simple moving average is $1.93. EVgo has a 1 year low of $0.98 and a 1 year high of $4.11.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.03. The business had revenue of $82.65 million during the quarter. The firm's quarterly revenue was down 15.7% on a year-over-year basis. During the same period last year, the business posted ($0.10) EPS. Equities research analysts forecast that EVgo will post -0.50 EPS for the current year.

Institutional Trading of EVgo

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lazard Asset Management LLC lifted its holdings in shares of EVgo by 89.4% during the 1st quarter. Lazard Asset Management LLC now owns 652,657 shares of the company's stock valued at $1,123,000 after acquiring an additional 307,984 shares in the last quarter. Abel Hall LLC raised its position in shares of EVgo by 78.4% during the 1st quarter. Abel Hall LLC now owns 50,759 shares of the company's stock valued at $87,000 after acquiring an additional 22,313 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in EVgo during the first quarter worth $60,000. Inspire Investing LLC lifted its position in shares of EVgo by 84.6% in the 1st quarter. Inspire Investing LLC now owns 298,926 shares of the company's stock worth $514,000 after buying an additional 136,960 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in EVgo by 6.8% in the first quarter. Pictet Asset Management Holding SA now owns 2,428,561 shares of the company's stock valued at $4,177,000 after acquiring an additional 155,361 shares during the period. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Company Profile

EVgo, Inc NASDAQ: EVGO operates a public electric vehicle charging network in the United States. The company develops, owns and operates fast-charging stations designed primarily for passenger vehicles, providing drivers with access to charging at shopping centers, grocery stores, retail locations, workplaces and other convenient destinations.

EVgo's services include on-demand charging through its network and mobile app, as well as features such as payment processing, station availability information and vehicle-to-charger connectivity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.