EVgo (NASDAQ:EVGO) Shares Down 5.1% – Should You Sell?

Shares of EVgo, Inc. (NASDAQ:EVGO) dropped 5.1% during trading on Monday . The company traded as low as $3.75 and last traded at $3.75. Approximately 1,221,604 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 4,463,137 shares. The stock had previously closed at $3.95.

Analyst Upgrades and Downgrades

EVGO has been the subject of a number of recent analyst reports. Stifel Nicolaus cut their price target on shares of EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Roth Capital restated a “buy” rating on shares of EVgo in a research report on Wednesday, May 7th. Evercore ISI lowered their price objective on shares of EVgo from $7.00 to $4.00 and set an “outperform” rating for the company in a research report on Monday, March 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 price objective on shares of EVgo in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $6.25.

EVgo Stock Performance

The stock’s 50 day moving average price is $3.08 and its 200 day moving average price is $3.69. The company has a market capitalization of $1.14 billion, a P/E ratio of -8.88 and a beta of 2.27.

EVgo (NASDAQ:EVGO) last issued its earnings results on Tuesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.02. The company had revenue of $75.29 million for the quarter, compared to the consensus estimate of $70.11 million. During the same period in the prior year, the company earned ($0.09) earnings per share. The firm’s revenue was up 36.4% compared to the same quarter last year. On average, analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at EVgo

In other EVgo news, President Dennis G. Kish sold 73,215 shares of the firm’s stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total value of $270,163.35. Following the transaction, the president now directly owns 72,269 shares of the company’s stock, valued at approximately $266,672.61. This trade represents a 50.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 58.79% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Summit Securities Group LLC bought a new position in shares of EVgo in the first quarter valued at $30,000. Merit Financial Group LLC bought a new position in shares of EVgo during the first quarter valued at about $31,000. Ballentine Partners LLC bought a new position in shares of EVgo during the first quarter valued at about $32,000. Hsbc Holdings PLC bought a new position in shares of EVgo during the first quarter valued at about $38,000. Finally, Adams Wealth Management bought a new position in shares of EVgo during the first quarter valued at about $46,000. 17.44% of the stock is owned by institutional investors.

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.