EVgo (NYSE:EVGO) Shares Gap Down - Time to Sell?

EVgo, Inc. (NYSE:EVGO - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $3.47, but opened at $3.22. EVgo shares last traded at $3.38, with a volume of 1,078,480 shares traded.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Marathon Capitl raised EVgo from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. cut their target price on EVgo from $8.00 to $7.00 and set an "overweight" rating on the stock in a research note on Friday, December 20th. Needham & Company LLC restated a "hold" rating on shares of EVgo in a research report on Thursday, January 16th. Stifel Nicolaus increased their price target on shares of EVgo from $6.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada boosted their price objective on shares of EVgo from $4.00 to $8.00 and gave the company an "outperform" rating in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $6.22.

EVgo Stock Down 0.6 %

The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -7.95 and a beta of 2.32. The business's fifty day moving average is $4.46 and its 200 day moving average is $5.01.

EVgo (NYSE:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million during the quarter, compared to analysts' expectations of $66.52 million. EVgo's revenue for the quarter was up 92.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.09) earnings per share. Equities research analysts expect that EVgo, Inc. will post -0.45 EPS for the current year.

Insiders Place Their Bets

In related news, Director David Nanus sold 23,000,000 shares of the company's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the sale, the director now owns 5,882,352 shares in the company, valued at approximately $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Dennis G. Kish sold 44,184 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the transaction, the president now directly owns 95,986 shares of the company's stock, valued at $327,312.26. This trade represents a 31.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,228,288 shares of company stock valued at $116,082,711 in the last quarter. 66.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EVgo

A number of institutional investors and hedge funds have recently made changes to their positions in EVGO. International Assets Investment Management LLC bought a new position in shares of EVgo in the third quarter valued at $51,000. Creative Planning grew its position in shares of EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company's stock valued at $55,000 after acquiring an additional 3,297 shares during the period. Legacy Capital Wealth Partners LLC increased its stake in shares of EVgo by 31.8% during the 3rd 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 during the last quarter. Clear Harbor Asset Management LLC bought a new stake in shares of EVgo in the 4th quarter valued at about $72,000. Finally, Blueshift Asset Management LLC acquired a new stake in EVgo in the 3rd quarter valued at about $80,000. Institutional investors own 17.44% of the company's stock.

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.