EVgo (NYSE:EVGO) Sees Unusually-High Trading Volume - Here's What Happened

Shares of EVgo, Inc. (NYSE:EVGO - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 12,709,538 shares traded hands during mid-day trading, an increase of 170% from the previous session's volume of 4,703,462 shares.The stock last traded at $4.71 and had previously closed at $6.32.

Analysts Set New Price Targets

EVGO has been the subject of several recent research reports. Capital One Financial raised shares of EVgo to a "strong-buy" rating in a research report on Monday, September 16th. Stifel Nicolaus raised their price objective on EVgo from $6.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. TD Cowen upgraded EVgo from a "hold" rating to a "buy" rating and increased their price target for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Marathon Capitl upgraded shares of EVgo from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 22nd. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $5.00 target price on shares of EVgo in a report on Monday, September 30th. 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 company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $6.61.

EVgo Stock Down 25.9 %

The firm has a fifty day moving average of $6.80 and a 200-day moving average of $4.72. The firm has a market cap of $1.42 billion, a P/E ratio of -11.14 and a beta of 2.24.

EVgo (NYSE:EVGO - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to analysts' expectations of $66.52 million. The business's revenue was up 92.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. Sell-side analysts anticipate that EVgo, Inc. will post -0.41 EPS for the current year.

Insider Activity at EVgo

In other news, CEO Badar Khan sold 166,725 shares of the business's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the sale, the chief executive officer now owns 348,761 shares of the company's stock, valued at $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 66.96% of the stock is owned by corporate insiders.

Institutional Trading of EVgo

Large investors have recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its holdings in shares of EVgo by 66.4% during the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company's stock worth $4,002,000 after acquiring an additional 651,475 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of EVgo during the third quarter worth $51,000. Verition Fund Management LLC acquired a new stake in EVgo in the 3rd quarter worth about $653,000. Point72 Asset Management L.P. bought a new stake in EVgo in the 2nd quarter valued at about $1,749,000. Finally, HITE Hedge Asset Management LLC acquired a new position in shares of EVgo during the 2nd quarter worth approximately $495,000. Institutional investors and hedge funds 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.