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

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

Analysts Set New Price Targets

EVGO has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research note on Thursday. TD Cowen raised shares of EVgo from a "hold" rating to a "buy" rating and upped their price target for the stock 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 report on Tuesday, October 22nd. UBS Group upgraded shares of EVgo from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $4.00 to $8.50 in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $5.00 target price on shares of EVgo in a report on Monday, September 30th. Two research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $6.61.

EVgo Stock Down 5.0 %

The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -8.12 and a beta of 2.35. The stock has a 50 day moving average price of $5.19 and a 200 day moving average price of $4.99.

EVgo (NYSE:EVGO - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share 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. EVgo's revenue was up 92.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) earnings per share. Sell-side analysts forecast that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Dennis G. Kish sold 17,379 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $4.32, for a total transaction of $75,077.28. Following the transaction, the president now directly owns 13,655 shares of the company's stock, valued at approximately $58,989.60. This represents a 56.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Nanus sold 23,000,000 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the sale, the director now owns 5,882,352 shares of the company's stock, valued at approximately $29,411,760. This represents a 79.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,184,104 shares of company stock valued at $115,932,044 over the last quarter. Insiders own 66.96% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of EVGO. Creative Planning raised its position in 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 buying an additional 3,297 shares during the last quarter. Legacy Capital Wealth Partners LLC grew its stake in shares of EVgo by 31.8% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company's stock worth $60,000 after acquiring an additional 3,500 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of EVgo by 20.2% in the third quarter. Janus Henderson Group PLC now owns 52,416 shares of the company's stock valued at $217,000 after purchasing an additional 8,800 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of EVgo by 9.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 122,945 shares of the company's stock valued at $509,000 after purchasing an additional 10,532 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in EVgo during the third quarter worth about $51,000. Hedge funds and other 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.