EVgo (NASDAQ:EVGO) Stock Price Up 6.2% - What's Next?

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

Wall Street Analyst Weigh In

EVGO has been the topic of a number of research analyst reports. Needham & Company LLC restated a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. Stifel Nicolaus cut their price objective on EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. UBS Group reduced their price objective on EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. Evercore ISI dropped their target price on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research report on Monday, March 31st. Finally, JPMorgan Chase & Co. cut their price target on EVgo from $6.00 to $5.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $5.78.

EVgo Price Performance

The firm has a market capitalization of $830.14 million, a P/E ratio of -6.45 and a beta of 2.28. The company has a fifty day moving average of $2.72 and a 200 day moving average of $4.58.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates of ($0.15) by $0.04. The firm had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. On average, sell-side analysts forecast that EVgo, Inc. will post -0.45 EPS for the current year.

Insider Transactions at EVgo

In other news, President Dennis G. Kish sold 44,184 shares of the firm's stock in a transaction dated 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 in the company, valued at $327,312.26. This trade represents a 31.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 66.96% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. Merit Financial Group LLC acquired a new position in shares of EVgo during the first quarter worth approximately $31,000. Mariner LLC bought a new stake in EVgo during the 4th quarter valued at $48,000. FORA Capital LLC acquired a new position in EVgo during the fourth quarter worth $56,000. SCP Investment LP bought a new position in shares of EVgo in the fourth quarter valued at $60,000. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of EVgo during the fourth quarter valued at about $72,000. Institutional investors own 17.44% of the company's stock.

EVgo Company Profile

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.