EVgo (NYSE:EVGO) Stock Price Down 9.4% – Here’s Why

EVgo, Inc. (NYSE:EVGO)’s stock price fell 9.4% on Wednesday . The stock traded as low as $4.03 and last traded at $4.04. 1,281,603 shares were traded during trading, a decline of 69% from the average session volume of 4,073,239 shares. The stock had previously closed at $4.46.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on EVGO shares. Stifel Nicolaus increased their price objective on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and increased their target price for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price target on shares of EVgo in a research report on Monday, September 30th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $6.61.

EVgo Price Performance

The stock has a market cap of $1.23 billion, a P/E ratio of -9.67 and a beta of 2.35. The stock has a 50-day simple moving average of $5.52 and a 200-day simple moving average of $4.94.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The company had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. EVgo’s quarterly revenue was up 92.3% compared to the same quarter last year. During the same period last year, the company posted ($0.09) EPS. As a group, sell-side analysts forecast that EVgo, Inc. will post -0.41 earnings per share for the current year.

Insider Activity

In other EVgo news, President Dennis G. Kish sold 17,379 shares of EVgo stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $4.32, for a total transaction of $75,077.28. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Badar Khan sold 166,725 shares of EVgo stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the transaction, the chief executive officer now directly owns 348,761 shares in the company, valued at approximately $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,184,104 shares of company stock worth $115,932,044. Insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of EVGO. Point72 DIFC Ltd acquired a new stake in EVgo in the second quarter worth $45,000. International Assets Investment Management LLC bought a new stake in EVgo in the 3rd quarter valued at about $51,000. Creative Planning raised its stake in EVgo by 32.7% during the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after buying an additional 3,297 shares during the period. Legacy Capital Wealth Partners LLC boosted its holdings in EVgo by 31.8% in the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after acquiring an additional 3,500 shares in the last quarter. Finally, Blueshift Asset Management LLC acquired a new stake in EVgo in the third quarter valued at approximately $80,000. 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.