EVgo (NASDAQ:EVGO) Stock Price Up 4.8% - Still a Buy?

EVgo, Inc. (NASDAQ:EVGO - Get Free Report)'s stock price rose 4.8% on Friday . The company traded as high as $2.66 and last traded at $2.63. Approximately 519,027 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 4,517,985 shares. The stock had previously closed at $2.51.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. UBS Group cut their price objective on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. Stifel Nicolaus cut their price target on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday. JPMorgan Chase & Co. decreased their price objective on EVgo from $7.00 to $6.00 and set an "overweight" rating for the company in a report on Wednesday, February 19th. Cantor Fitzgerald restated an "overweight" rating and set a $8.00 target price on shares of EVgo in a research note on Wednesday, March 5th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $6.22.

EVgo Trading Down 5.4 %

The stock has a 50-day simple moving average of $3.33 and a 200 day simple moving average of $4.89. The company has a market cap of $739.69 million, a price-to-earnings ratio of -5.81 and a beta of 2.37.

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EVgo (NASDAQ:EVGO - Get Free Report) last released its earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.04. The firm had revenue of $67.51 million for the quarter, compared to analyst estimates of $69.49 million. As a group, research analysts forecast that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

Insider Activity

In related news, Director David Nanus sold 23,000,000 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the transaction, the director now directly owns 5,882,352 shares in the company, valued at $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Dennis G. Kish sold 17,379 shares of the company's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the sale, the president now directly owns 13,655 shares in the company, valued at approximately $58,989.60. The trade was a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,061,563 shares of company stock valued at $115,225,745 in the last ninety days. Insiders own 66.96% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Millennium Management LLC boosted its position in EVgo by 394.4% in the 4th quarter. Millennium Management LLC now owns 4,623,922 shares of the company's stock worth $18,727,000 after purchasing an additional 3,688,614 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in shares of 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 purchasing an additional 3,153,073 shares during the period. SIR Capital Management L.P. boosted its holdings in EVgo by 326.3% during the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company's stock worth $14,311,000 after buying an additional 2,704,662 shares in the last quarter. Two Sigma Advisers LP grew its position in EVgo by 2,533.6% during the fourth quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company's stock valued at $10,101,000 after buying an additional 2,399,300 shares during the period. Finally, Vanguard Group Inc. increased its holdings in EVgo by 20.1% in the fourth 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. 17.44% of the stock is currently 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.