EVgo (NASDAQ:EVGO) Trading 4.8% Higher – Time to Buy?

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on EVGO. UBS Group reduced their price objective on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Cantor Fitzgerald restated an “overweight” rating and set a $8.00 price objective on shares of EVgo in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research note on Wednesday. Stifel Nicolaus dropped their target price on shares of EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, February 19th. Two equities 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. According to MarketBeat.com, EVgo currently has an average rating of “Buy” and a consensus target price of $6.22.

EVgo Stock Up 2.8 %

The firm has a market capitalization of $782.13 million, a P/E ratio of -6.14 and a beta of 2.37. The business’s 50 day moving average is $3.36 and its two-hundred day moving average is $4.88.

EVgo (NASDAQ:EVGO) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million for the quarter, compared to the consensus estimate of $69.49 million. As a group, equities analysts anticipate 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 17,379 shares of the stock in a transaction on Friday, January 3rd. The stock was 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 owns 13,655 shares in the company, valued at approximately $58,989.60. This represents a 56.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Nanus sold 23,000,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the sale, the director now directly owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,061,563 shares of company stock worth $115,225,745. Corporate insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

A number of institutional investors have recently bought and sold shares of the stock. State Street Corp increased its position in shares of EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after acquiring an additional 847,777 shares in the last quarter. Geode Capital Management LLC boosted its stake in EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after purchasing an additional 90,887 shares during the period. Hussman Strategic Advisors Inc. purchased a new position in EVgo during the 4th quarter worth approximately $425,000. International Assets Investment Management LLC acquired a new stake in EVgo during the 3rd quarter valued at $51,000. Finally, Verition Fund Management LLC purchased a new stake in shares of EVgo in the third quarter valued at $653,000. Hedge funds and other 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.