EVgo (NASDAQ:EVGO) Shares Down 5.8% – Should You Sell?

EVgo Inc. (NASDAQ:EVGO) traded down 5.8% during mid-day trading on Thursday . The stock traded as low as $3.21 and last traded at $3.25. 1,276,528 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 4,285,503 shares. The stock had previously closed at $3.45.

Analyst Upgrades and Downgrades

EVGO has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Tuesday, October 14th. Stifel Nicolaus cut their target price on shares of EVgo from $8.00 to $7.50 and set a “buy” rating on the stock in a research note on Tuesday, November 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of EVgo in a research note on Wednesday, October 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of EVgo in a research report on Monday, November 17th. Finally, UBS Group raised their price target on shares of EVgo from $5.40 to $5.90 and gave the company a “buy” rating in a research report on Tuesday, November 11th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $5.82.

EVgo Trading Down 2.0%

The company has a market capitalization of $1.04 billion, a PE ratio of -8.67 and a beta of 2.37. The stock’s fifty day moving average is $3.75 and its two-hundred day moving average is $3.86.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.09. The company had revenue of $92.30 million during the quarter, compared to the consensus estimate of $94.42 million. The business’s revenue was up 36.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.11) EPS. As a group, analysts anticipate that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Institutional Trading of EVgo

A number of large investors have recently bought and sold shares of EVGO. Vanguard Group Inc. increased its holdings in EVgo by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 12,399,808 shares of the company’s stock worth $58,651,000 after acquiring an additional 157,376 shares during the last quarter. Millennium Management LLC raised its position in shares of EVgo by 25.9% in the first quarter. Millennium Management LLC now owns 5,819,392 shares of the company’s stock valued at $15,480,000 after purchasing an additional 1,195,470 shares during the period. Soros Fund Management LLC lifted its stake in shares of EVgo by 342.2% during the 2nd quarter. Soros Fund Management LLC now owns 4,976,983 shares of the company’s stock valued at $18,166,000 after buying an additional 3,851,583 shares in the last quarter. HITE Hedge Asset Management LLC boosted its holdings in EVgo by 220.0% in the 1st quarter. HITE Hedge Asset Management LLC now owns 3,348,303 shares of the company’s stock worth $8,906,000 after buying an additional 2,301,886 shares during the period. Finally, Geode Capital Management LLC grew its stake in EVgo by 11.1% in the 2nd quarter. Geode Capital Management LLC now owns 3,147,529 shares of the company’s stock valued at $11,490,000 after buying an additional 313,335 shares in the last quarter. 17.44% of the stock is owned by hedge funds and other 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.