EVgo (NYSE:EVGO) Stock Price Down 5.1%

EVgo, Inc. (NYSE:EVGO) shares traded down 5.1% during mid-day trading on Friday . The company traded as low as $2.40 and last traded at $2.41. 1,316,038 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 2,965,211 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

A number of research firms have commented on EVGO. Evercore ISI reduced their price target on EVgo from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Monday, May 13th. Cantor Fitzgerald upgraded EVgo from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $5.00 to $4.00 in a research report on Thursday, May 9th. Citigroup reduced their price target on EVgo from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Thursday, May 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $4.00 price target on shares of EVgo in a research report on Friday, April 5th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, May 8th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.00.

EVgo Trading Down 3.5 %

The firm has a 50-day moving average of $2.05 and a 200 day moving average of $2.44. The company has a market cap of $739.97 million, a P/E ratio of -6.45 and a beta of 2.54.

EVgo (NYSE:EVGO) last announced its earnings results 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 for the quarter, compared to the consensus estimate of $52.41 million. During the same quarter in the previous year, the company earned ($0.09) EPS. The firm’s revenue for the quarter was up 118.0% on a year-over-year basis. On average, equities analysts predict that EVgo, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In other news, CEO Badar Khan purchased 125,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average cost of $2.01 per share, with a total value of $251,250.00. Following the purchase, the chief executive officer now owns 143,874 shares in the company, valued at $289,186.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 66.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC raised its stake in shares of EVgo by 32.2% in the first quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock worth $798,000 after purchasing an additional 77,354 shares during the last quarter. Bayesian Capital Management LP raised its stake in shares of EVgo by 183.0% in the first quarter. Bayesian Capital Management LP now owns 63,400 shares of the company’s stock worth $159,000 after purchasing an additional 41,001 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of EVgo by 11.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock worth $160,000 after purchasing an additional 6,633 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of EVgo by 0.4% in the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after purchasing an additional 37,168 shares during the last quarter. Finally, Bleakley Financial Group LLC purchased a new stake in shares of EVgo in the first quarter worth approximately $36,000. 17.44% of the stock is owned by institutional investors and hedge funds.

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.