EVgo (NYSE:EVGO) Shares Gap Up - Should You Buy?

Shares of EVgo, Inc. (NYSE:EVGO - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $6.22, but opened at $6.79. EVgo shares last traded at $6.25, with a volume of 3,667,708 shares traded.

Analyst Upgrades and Downgrades

EVGO has been the topic of a number of research analyst reports. Marathon Capitl raised shares of EVgo from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 22nd. Royal Bank of Canada upped their price target 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 reissued an "overweight" rating and set a $5.00 price objective on shares of EVgo in a research report on Monday, September 30th. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research report on Wednesday, November 13th. Finally, TD Cowen raised EVgo from a "hold" rating to a "buy" rating and raised their price target for the stock from $5.00 to $7.00 in a research note on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $6.61.

EVgo Stock Down 2.1 %

The business has a 50-day simple moving average of $6.86 and a 200-day simple moving average of $4.63. The stock has a market cap of $1.85 billion, a P/E ratio of -14.50 and a beta of 2.24.

EVgo (NYSE:EVGO - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. The company's revenue for the quarter was up 92.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.09) earnings per share. On average, analysts predict that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other EVgo news, CEO Badar Khan sold 166,725 shares of the firm'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 directly owns 348,761 shares in the company, valued at $1,792,631.54. This trade represents a 32.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 66.96% of the stock is owned by insiders.

Institutional Investors Weigh In On EVgo

Several hedge funds have recently made changes to their positions in EVGO. Legacy Capital Wealth Partners LLC acquired a new position in EVgo in the 2nd quarter valued at approximately $27,000. Point72 DIFC Ltd acquired a new position in shares of EVgo in the second quarter valued at $45,000. International Assets Investment Management LLC bought a new position in EVgo in the third quarter worth $51,000. Creative Planning boosted its stake in EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company's stock worth $55,000 after buying an additional 3,297 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in EVgo by 47.0% in the 2nd quarter. SG Americas Securities LLC now owns 24,049 shares of the company's stock valued at $59,000 after buying an additional 7,687 shares during the period. 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.