EVgo (NASDAQ:EVGO) Trading 8% Higher – Still a Buy?

EVgo, Inc. (NASDAQ:EVGO)’s stock price shot up 8% during trading on Monday . The company traded as high as $3.01 and last traded at $2.98. 581,262 shares traded hands during trading, a decline of 87% from the average session volume of 4,469,104 shares. The stock had previously closed at $2.76.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. UBS Group dropped their target price on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Wednesday, March 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $8.00 target price on shares of EVgo in a research note on Wednesday, March 5th. JPMorgan Chase & Co. cut their price target on EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. Finally, Stifel Nicolaus lowered their price objective on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $6.11.

EVgo Price Performance

The company has a market capitalization of $873.02 million, a P/E ratio of -6.79 and a beta of 2.37. The business’s 50-day moving average price is $2.96 and its two-hundred day moving average price is $4.75.

EVgo (NASDAQ:EVGO) last posted its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.04. The business had revenue of $67.51 million for the quarter, compared to the consensus estimate of $69.49 million. Research analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at EVgo

In related news, President Dennis G. Kish sold 17,379 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total value of $75,077.28. Following the sale, the president now directly owns 13,655 shares of the company’s stock, valued at approximately $58,989.60. The trade was a 56.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Several hedge funds and other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System grew its holdings in shares of EVgo by 1,198.5% during the fourth quarter. California State Teachers Retirement System now owns 94,761 shares of the company’s stock worth $384,000 after buying an additional 87,463 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of EVgo during the 4th quarter worth approximately $1,001,000. Voloridge Investment Management LLC bought a new position in shares of EVgo during the 4th quarter worth approximately $5,682,000. Two Sigma Advisers LP lifted its position in shares of EVgo by 2,533.6% in the fourth quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock worth $10,101,000 after purchasing an additional 2,399,300 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in EVgo by 296.4% during the fourth quarter. Two Sigma Investments LP now owns 2,720,342 shares of the company’s stock worth $11,017,000 after purchasing an additional 2,034,045 shares during the last quarter. Institutional investors and hedge funds 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.