EVgo (NYSE:EVGO) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

EVgo (NYSE:EVGO - Get Free Report) issued its earnings results on Tuesday. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.01), Briefing.com reports. The business had revenue of $67.50 million for the quarter, compared to analysts' expectations of $66.52 million. The business's quarterly revenue was up 92.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.09) earnings per share. EVgo updated its FY 2024 guidance to EPS.

EVgo Trading Up 6.3 %

NYSE:EVGO traded up $0.31 during trading hours on Wednesday, reaching $5.20. 12,778,983 shares of the stock were exchanged, compared to its average volume of 4,555,154. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07. The firm has a 50 day moving average of $6.06 and a 200 day moving average of $4.00.

Analyst Ratings Changes

EVGO has been the subject of a number of recent analyst reports. Royal Bank of Canada upped their price objective on shares of EVgo from $4.00 to $8.00 and gave the company an "outperform" rating in a research report on Wednesday, October 9th. UBS Group upgraded EVgo from a "neutral" rating to a "buy" rating and increased their price target for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research report on Wednesday. Cantor Fitzgerald reiterated an "overweight" rating and issued a $5.00 price objective on shares of EVgo in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. raised EVgo from a "neutral" rating to an "overweight" rating and set a $7.00 target price for the company in a research note on Thursday, October 3rd. Two investment 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 stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $6.61.

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.