EVgo (NASDAQ:EVGO) Shares Down 7.1% – Here’s What Happened

Shares of EVgo Inc. (NASDAQ:EVGO) were down 7.1% during mid-day trading on Monday . The stock traded as low as $3.27 and last traded at $3.29. Approximately 2,696,371 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 4,513,417 shares. The stock had previously closed at $3.54.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EVGO. Morgan Stanley set a $4.00 price target on EVgo and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of EVgo in a research report on Thursday, May 8th. Roth Capital reiterated a “buy” rating on shares of EVgo in a research report on Wednesday, May 7th. Finally, Evercore ISI lowered their price target on EVgo from $7.00 to $4.00 and set an “outperform” rating on the stock in a research report on Monday, March 31st. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $6.00.

EVgo Price Performance

The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -8.12 and a beta of 2.34. The stock has a 50 day simple moving average of $3.76 and a two-hundred day simple moving average of $3.33.

EVgo (NASDAQ:EVGO) last posted its earnings results on Tuesday, May 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The firm had revenue of $75.29 million for the quarter, compared to analyst estimates of $70.11 million. The firm’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) EPS. Equities research analysts predict that EVgo Inc. will post -0.45 EPS for the current year.

Insiders Place Their Bets

In other EVgo news, President Dennis G. Kish sold 73,215 shares of EVgo stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the sale, the president owned 72,269 shares of the company’s stock, valued at approximately $266,672.61. The trade was a 50.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 58.79% of the company’s stock.

Institutional Investors Weigh In On EVgo

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in EVgo by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock valued at $49,414,000 after buying an additional 2,043,449 shares in the last quarter. Millennium Management LLC lifted its stake in EVgo by 25.9% in the 1st quarter. Millennium Management LLC now owns 5,819,392 shares of the company’s stock valued at $15,480,000 after buying an additional 1,195,470 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in EVgo by 175.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock valued at $20,046,000 after buying an additional 3,153,073 shares in the last quarter. SIR Capital Management L.P. lifted its stake in EVgo by 326.3% in the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock valued at $14,311,000 after buying an additional 2,704,662 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in EVgo by 52.6% in the 4th quarter. Marshall Wace LLP now owns 3,429,931 shares of the company’s stock valued at $13,891,000 after buying an additional 1,182,431 shares in the last quarter. 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.