EVgo (NASDAQ:EVGO) Shares Up 6.2% – Here’s Why

EVgo, Inc. (NASDAQ:EVGO)’s stock price rose 6.2% on Monday . The company traded as high as $2.79 and last traded at $2.73. Approximately 1,324,527 shares traded hands during trading, a decline of 70% from the average daily volume of 4,352,182 shares. The stock had previously closed at $2.57.

Analyst Ratings Changes

Several research firms have issued reports on EVGO. Evercore ISI decreased their price objective on shares of EVgo from $7.00 to $4.00 and set an “outperform” rating on the stock in a report on Monday, March 31st. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 price objective on shares of EVgo in a research note on Wednesday, March 5th. UBS Group decreased their target price on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, JPMorgan Chase & Co. lowered their target price on shares of EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, EVgo currently has an average rating of “Buy” and an average price target of $5.78.

EVgo Trading Up 7.5 %

The firm has a market cap of $793.38 million, a price-to-earnings ratio of -6.17 and a beta of 2.28. The stock’s fifty day moving average price is $2.75 and its 200-day moving average price is $4.60.

EVgo (NASDAQ:EVGO) last posted its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.04. The business had revenue of $67.51 million for the quarter, compared to analyst estimates of $69.49 million. Analysts predict that EVgo, Inc. will post -0.45 earnings per share for the current year.

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the sale, the president now directly owns 95,986 shares of the company’s stock, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Several hedge funds have recently bought and sold shares of EVGO. Vanguard Group Inc. increased its stake in EVgo by 20.1% during the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock worth $49,414,000 after purchasing an additional 2,043,449 shares during the period. D. E. Shaw & Co. Inc. increased its stake in EVgo by 175.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock worth $20,046,000 after buying an additional 3,153,073 shares during the period. Millennium Management LLC boosted its position in EVgo by 394.4% in the 4th quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock valued at $18,727,000 after buying an additional 3,688,614 shares during the period. State Street Corp increased its position in shares of EVgo by 25.3% during 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 during the period. Finally, SIR Capital Management L.P. boosted its holdings in EVgo by 326.3% in the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock valued at $14,311,000 after purchasing an additional 2,704,662 shares during the period. 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.