EVgo (NASDAQ:EVGO) Stock Price Up 8% - Here's Why

EVgo, Inc. (NASDAQ:EVGO - Get Free Report)'s stock price was up 8% during mid-day trading on Monday . The company traded as high as $3.01 and last traded at $2.98. Approximately 581,262 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 4,469,104 shares. The stock had previously closed at $2.76.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on EVGO shares. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a report on Wednesday, March 5th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $8.00 target price on shares of EVgo in a research note on Wednesday, March 5th. UBS Group reduced their price target on EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Monday, January 27th. JPMorgan Chase & Co. lowered their price objective on EVgo from $6.00 to $5.00 and set an "overweight" rating for the company in a research report on Wednesday, March 12th. Finally, Stifel Nicolaus dropped their target price on EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $6.11.

EVgo Trading Down 3.4 %

The firm has a 50 day moving average price of $2.92 and a two-hundred day moving average price of $4.73. The firm has a market capitalization of $857.70 million, a price-to-earnings ratio of -6.67 and a beta of 2.37.

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

Insider Activity at EVgo

In related news, President Dennis G. Kish sold 44,184 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following the transaction, the president now directly owns 95,986 shares of the company's stock, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 66.96% of the stock is owned by insiders.

Institutional Trading of EVgo

A number of hedge funds have recently made changes to their positions in EVGO. California State Teachers Retirement System lifted its holdings in EVgo by 1,198.5% in the 4th quarter. California State Teachers Retirement System now owns 94,761 shares of the company's stock worth $384,000 after buying an additional 87,463 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of EVgo in the fourth quarter worth about $1,001,000. Voloridge Investment Management LLC purchased a new position in EVgo in the fourth quarter valued at about $5,682,000. Two Sigma Advisers LP grew its stake in EVgo by 2,533.6% during the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company's stock valued at $10,101,000 after purchasing an additional 2,399,300 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in EVgo by 296.4% during the 4th quarter. Two Sigma Investments LP now owns 2,720,342 shares of the company's stock worth $11,017,000 after purchasing an additional 2,034,045 shares during the last quarter. Hedge funds and other 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.