EVgo (NYSE:EVGO) Trading Down 7.5% – Should You Sell?

EVgo, Inc. (NYSE:EVGO)’s share price was down 7.5% during mid-day trading on Tuesday . The stock traded as low as $6.38 and last traded at $6.41. Approximately 5,814,608 shares were traded during mid-day trading, an increase of 42% from the average daily volume of 4,094,868 shares. The stock had previously closed at $6.93.

Analyst Ratings Changes

Several research analysts have issued reports on EVGO shares. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Thursday, August 29th. Stifel Nicolaus decreased their price objective on shares of EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. JPMorgan Chase & Co. upgraded EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price target for the company in a research note on Thursday, October 3rd. Benchmark upped their price target on shares of EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and raised their price objective for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $5.22.

EVgo Price Performance

The stock has a market cap of $1.99 billion, a PE ratio of -18.24 and a beta of 2.58. The stock has a 50-day moving average price of $4.20 and a two-hundred day moving average price of $3.01.

EVgo (NYSE:EVGO) last issued its quarterly earnings data 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. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.08) EPS. Equities research analysts expect that EVgo, Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $171,410.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction dated Monday, August 12th. The shares were 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 owns 47,614 shares in the company, valued at $171,410.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Francine Sullivan sold 12,584 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $45,302.40. Following the completion of the transaction, the insider now owns 117,327 shares in the company, valued at $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EVgo

Hedge funds have recently modified their holdings of the business. Voisard Asset Management Group Inc. bought a new position in shares of EVgo in the 4th quarter worth $29,000. Wellington Management Group LLP lifted its stake in shares of EVgo by 34.9% during the 4th quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after purchasing an additional 951,272 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of EVgo during the 1st quarter worth $71,000. SG Americas Securities LLC purchased a new stake in shares of EVgo during the 1st quarter worth $41,000. Finally, Bleakley Financial Group LLC purchased a new stake in shares of EVgo during the 1st quarter worth $36,000. Hedge funds and other institutional investors 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.