EVgo (NYSE:EVGO) Hits New 12-Month High at $5.24

Shares of EVgo, Inc. (NYSE:EVGO) hit a new 52-week high during trading on Thursday . The company traded as high as $5.24 and last traded at $4.90, with a volume of 7867912 shares trading hands. The stock had previously closed at $3.93.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on EVGO. Stifel Nicolaus reduced their price target on EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Thursday, August 29th. JPMorgan Chase & Co. raised shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price target on the stock in a report on Thursday. UBS Group began coverage on shares of EVgo in a research note on Monday, July 22nd. They set a “neutral” rating and a $4.00 price objective for the company. Finally, Benchmark increased their target price on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, EVgo has a consensus rating of “Moderate Buy” and a consensus price target of $4.89.

EVgo Stock Performance

The stock has a market cap of $1.84 billion, a PE ratio of -13.82 and a beta of 2.59. The company’s 50-day moving average price is $4.01 and its two-hundred day moving average price is $2.91.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The firm had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $59.40 million. During the same quarter in the previous year, the business earned ($0.08) EPS. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. Equities research analysts forecast that EVgo, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the sale, the president now owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, President Dennis G. Kish sold 16,414 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the sale, the president now directly owns 47,614 shares in the company, valued at approximately $171,410.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Francine Sullivan sold 12,584 shares of EVgo stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares in the company, valued at $422,377.20. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On EVgo

A number of large investors have recently added to or reduced their stakes in EVGO. Vanguard Group Inc. grew its position in shares of EVgo by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after buying an additional 37,168 shares during the last quarter. Wellington Management Group LLP lifted its stake in EVgo by 34.9% in the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after acquiring an additional 951,272 shares during the period. Marshall Wace LLP boosted its holdings in EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after acquiring an additional 651,475 shares in the last quarter. SIR Capital Management L.P. increased its position in EVgo by 76.9% during the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after purchasing an additional 416,800 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in EVgo in the 2nd quarter worth $1,749,000. Institutional investors own 17.44% of the company’s stock.

About EVgo

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.