EVgo (NYSE:EVGO) Trading Down 5.1% - Here's What Happened

EVgo, Inc. (NYSE:EVGO - Get Free Report) fell 5.1% during trading on Thursday . The stock traded as low as $3.68 and last traded at $3.69. 992,781 shares were traded during trading, a decline of 80% from the average session volume of 4,856,100 shares. The stock had previously closed at $3.89.

Analyst Ratings Changes

Several equities analysts recently commented on EVGO shares. JPMorgan Chase & Co. dropped their target price on EVgo from $8.00 to $7.00 and set an "overweight" rating on the stock in a report on Friday, December 20th. Royal Bank of Canada increased their target price on shares of EVgo from $4.00 to $8.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 9th. Cantor Fitzgerald restated an "overweight" rating and set a $5.00 price objective on shares of EVgo in a research report on Monday, September 30th. Marathon Capitl upgraded shares of EVgo from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 22nd. Finally, UBS Group upgraded shares of EVgo from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $6.61.

EVgo Trading Down 5.0 %

The firm has a 50 day moving average price of $5.15 and a 200-day moving average price of $5.03. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -8.12 and a beta of 2.35.

EVgo (NYSE:EVGO - Get Free Report) last announced its earnings results 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 the consensus estimate of $66.52 million. During the same period in the prior year, the firm posted ($0.09) EPS. The company's revenue was up 92.3% compared to the same quarter last year. As a group, equities analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 17,379 shares of EVgo stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $4.32, for a total value of $75,077.28. Following the completion of the sale, the president now owns 13,655 shares of the company's stock, valued at $58,989.60. The trade was a 56.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Badar Khan sold 166,725 shares of the firm's stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $5.14, for a total transaction of $856,966.50. Following the completion of the sale, the chief executive officer now directly owns 348,761 shares in the company, valued at $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,184,104 shares of company stock valued at $115,932,044. Corporate insiders own 66.96% of the company's stock.

Institutional Investors Weigh In On EVgo

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. Point72 DIFC Ltd acquired a new position in shares of EVgo during the 2nd quarter valued at $45,000. International Assets Investment Management LLC purchased a new position in EVgo in the third quarter valued at about $51,000. Creative Planning lifted its stake in shares of EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company's stock worth $55,000 after purchasing an additional 3,297 shares in the last quarter. Legacy Capital Wealth Partners LLC lifted its stake in shares of EVgo by 31.8% during the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company's stock worth $60,000 after purchasing an additional 3,500 shares in the last quarter. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of EVgo in the fourth quarter worth about $72,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.