EVgo (NASDAQ:EVGO) Shares Gap Up - What's Next?

Key Points

• EVgo shares surged 48%, opening at $1.82 versus a prior close of $1.26 and later trading near $1.93 on volume of roughly 38.7 million shares.
• Analyst views remain mixed: six analysts rate the stock Buy, one Hold, and two Sell, resulting in a consensus Hold rating and a $2.93 target price.
• EVgo beat quarterly loss expectations with adjusted EPS of negative $0.15 versus an estimate of negative $0.18, but revenue fell 15.7% year over year to $82.65 million; institutional investors own 17.44% of the company.

EVgo Inc. (NASDAQ:EVGO - Get Free Report)'s stock price gapped up before the market opened on Monday. The stock had previously closed at $1.26, but opened at $1.82. EVgo shares last traded at $1.9250, with a volume of 38,705,456 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on EVGO shares. Weiss Ratings raised EVgo from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, October 6th. Stifel Nicolaus dropped their price target on EVgo from $7.00 to $6.00 and set a "buy" rating for the company in a report on Tuesday, August 25th. Roth Capital set a $2.00 price objective on EVgo in a research report on Monday, August 10th. JPMorgan Chase & Co. lowered shares of EVgo from a "neutral" rating to an "underweight" rating in a research report on Tuesday, July 21st. Finally, Royal Bank Of Canada cut their price objective on shares of EVgo from $3.00 to $2.50 and set an "outperform" rating for the company in a research report on Thursday, August 6th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $2.93.

EVgo Trading Up 48.0%

The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 5.39. The company has a market cap of $586.58 million, a price-to-earnings ratio of -4.66 and a beta of 2.87. The firm has a 50 day moving average price of $1.30 and a two-hundred day moving average price of $1.93.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.03. The firm had revenue of $82.65 million for the quarter. During the same period in the previous year, the business posted ($0.10) EPS. The firm's revenue for the quarter was down 15.7% compared to the same quarter last year. As a group, equities analysts forecast that EVgo Inc. will post -0.50 earnings per share for the current year.

Hedge Funds Weigh In On EVgo

Institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC increased its position in EVgo by 2,675.5% in the 2nd quarter. Tidal Investments LLC now owns 331,891 shares of the company's stock valued at $634,000 after buying an additional 319,933 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of EVgo by 89.4% in the 1st quarter. Lazard Asset Management LLC now owns 652,657 shares of the company's stock worth $1,123,000 after purchasing an additional 307,984 shares in the last quarter. Renaissance Technologies LLC grew its position in EVgo by 31.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,192,933 shares of the company's stock valued at $2,052,000 after purchasing an additional 288,100 shares during the period. Pictet Asset Management Holding SA grew its position in EVgo by 6.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,428,561 shares of the company's stock valued at $4,177,000 after purchasing an additional 155,361 shares during the period. Finally, Inspire Investing LLC increased its stake in EVgo by 84.6% during the 1st quarter. Inspire Investing LLC now owns 298,926 shares of the company's stock valued at $514,000 after purchasing an additional 136,960 shares in the last quarter. Institutional investors and hedge funds own 17.44% of the company's stock.

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.

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