EVgo (NASDAQ:EVGO) Trading Up 4.8% – Here’s What Happened

EVgo, Inc. (NASDAQ:EVGO) shares were up 4.8% during trading on Friday . The stock traded as high as $2.66 and last traded at $2.63. Approximately 519,027 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 4,517,985 shares. The stock had previously closed at $2.51.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on EVGO shares. Stifel Nicolaus decreased their price objective on EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 price objective on shares of EVgo in a report on Wednesday. JPMorgan Chase & Co. cut their target price on EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 19th. UBS Group cut their target price on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Finally, Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, EVgo currently has a consensus rating of “Buy” and an average target price of $6.22.

EVgo Stock Performance

The company has a 50-day simple moving average of $3.33 and a two-hundred day simple moving average of $4.88. The firm has a market capitalization of $782.13 million, a P/E ratio of -6.14 and a beta of 2.37.

EVgo (NASDAQ:EVGO) last posted its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.04. The firm had revenue of $67.51 million for the quarter, compared to the consensus estimate of $69.49 million. As a group, research analysts forecast that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Activity

In other news, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the transaction, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. This trade represents a 31.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the transaction, the director now owns 5,882,352 shares of the company’s stock, valued at $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,061,563 shares of company stock worth $115,225,745. Insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

A number of hedge funds have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in EVgo in the 4th quarter worth approximately $1,001,000. Voloridge Investment Management LLC purchased a new position in EVgo in the 4th quarter worth approximately $5,682,000. Two Sigma Advisers LP raised its holdings in EVgo by 2,533.6% in the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock worth $10,101,000 after acquiring an additional 2,399,300 shares during the last quarter. Two Sigma Investments LP raised its holdings in EVgo by 296.4% in the 4th quarter. Two Sigma Investments LP now owns 2,720,342 shares of the company’s stock worth $11,017,000 after acquiring an additional 2,034,045 shares during the last quarter. Finally, Teza Capital Management LLC purchased a new position in EVgo in the 4th quarter worth approximately $144,000. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

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.