EVgo (NASDAQ:EVGO) Stock Price Down 3.1% – Time to Sell?

EVgo Inc. (NASDAQ:EVGO) traded down 3.1% during mid-day trading on Wednesday . The stock traded as low as $4.30 and last traded at $4.38. 1,625,293 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 4,424,719 shares. The stock had previously closed at $4.52.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus decreased their price target on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. Roth Capital reiterated a “buy” rating on shares of EVgo in a report on Wednesday, May 7th. Morgan Stanley set a $4.00 target price on shares of EVgo and gave the stock an “equal weight” rating in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, EVgo currently has a consensus rating of “Buy” and an average target price of $6.00.

EVgo Stock Down 4.2%

The business has a 50-day moving average price of $3.52 and a 200-day moving average price of $3.53. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -10.56 and a beta of 2.41.

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

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 73,215 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the completion of the transaction, the president now directly owns 72,269 shares in the company, valued at $266,672.61. This trade represents a 50.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 58.79% of the stock is owned by insiders.

Institutional Investors Weigh In On EVgo

Hedge funds have recently bought and sold shares of the stock. Summit Securities Group LLC purchased a new position in EVgo during the first quarter worth approximately $30,000. Merit Financial Group LLC purchased a new stake in EVgo during the 1st quarter worth approximately $31,000. Mariner LLC acquired a new position in shares of EVgo during the fourth quarter valued at approximately $48,000. Ballentine Partners LLC purchased a new position in EVgo in the 1st quarter valued at $32,000. Finally, FORA Capital LLC purchased a new position in EVgo in the 4th quarter worth approximately $56,000. 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.