EVgo (NYSE:EVGO) Shares Gap Down – Here’s What Happened

EVgo, Inc. (NYSE:EVGO)’s share price gapped down before the market opened on Monday . The stock had previously closed at $3.47, but opened at $3.22. EVgo shares last traded at $3.38, with a volume of 1,078,480 shares.

Analysts Set New Price Targets

Several brokerages have recently commented on EVGO. Stifel Nicolaus boosted their target price on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price target on shares of EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. UBS Group dropped their price objective on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Thursday, January 16th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $6.22.

EVgo Stock Performance

The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -8.08 and a beta of 2.32. The firm’s 50-day simple moving average is $4.71 and its two-hundred day simple moving average is $5.03.

EVgo (NYSE:EVGO) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to analysts’ expectations of $66.52 million. The company’s quarterly revenue was up 92.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.09) EPS. Equities research analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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. This trade represents a 79.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Dennis G. Kish sold 17,379 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the sale, the president now directly owns 13,655 shares of the company’s stock, valued at $58,989.60. The trade was a 56.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,184,104 shares of company stock valued at $115,932,044 over the last ninety days. Insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Institutional investors and hedge funds have recently made changes to their positions in the company. Squarepoint Ops LLC acquired a new stake in EVgo during the 2nd quarter worth $495,000. Creative Planning raised its position in shares of EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares during the period. International Assets Investment Management LLC bought a new position in shares of EVgo during the 3rd quarter valued at about $51,000. Legacy Capital Wealth Partners LLC grew its position in shares of EVgo by 31.8% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after purchasing an additional 3,500 shares during the period. Finally, Intech Investment Management LLC bought a new stake in EVgo during the 3rd quarter worth approximately $158,000. Institutional investors and hedge funds 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.