EVgo, Inc. (NYSE:EVGO - Get Free Report) shares shot up 6.1% on Friday . The stock traded as high as $3.38 and last traded at $3.36. 1,352,600 shares changed hands during trading, a decline of 75% from the average session volume of 5,417,854 shares. The stock had previously closed at $3.17.
Analysts Set New Price Targets
Several research firms have commented on EVGO. UBS Group raised shares of EVgo from a "neutral" rating to a "buy" rating and raised their target price for the company from $4.00 to $8.50 in a report on Thursday, October 10th. TD Cowen raised shares of EVgo from a "hold" rating to a "buy" rating and lifted their price objective for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. Royal Bank of Canada upped their target price on EVgo from $4.00 to $8.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. decreased their price target on EVgo from $8.00 to $7.00 and set an "overweight" rating on the stock in a research note on Friday, December 20th. Finally, Marathon Capitl upgraded EVgo from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 22nd. Two research 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 company. Based on data from MarketBeat, EVgo has an average rating of "Buy" and a consensus price target of $6.61.
Get Our Latest Report on EVGO
EVgo Stock Up 8.5 %
The company has a 50 day moving average price of $4.97 and a 200-day moving average price of $5.02. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -8.19 and a beta of 2.35.
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 firm had revenue of $67.50 million for the quarter, compared to analysts' expectations of $66.52 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The business's revenue was up 92.3% on a year-over-year basis. On average, analysts forecast that EVgo, Inc. will post -0.45 EPS for the current fiscal year.
Insider Buying and Selling
In other news, President Dennis G. Kish sold 17,379 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $4.32, for a total value of $75,077.28. Following the transaction, the president now directly owns 13,655 shares of the company's stock, valued at $58,989.60. The trade was a 56.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Nanus sold 23,000,000 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,184,104 shares of company stock valued at $115,932,044 over the last ninety days. 66.96% of the stock is owned by company insiders.
Institutional Trading of EVgo
Several hedge funds have recently modified their holdings of the stock. Clear Harbor Asset Management LLC bought a new position in EVgo in the fourth quarter worth approximately $72,000. Tidal Investments LLC lifted its holdings in shares of EVgo by 714.2% in the 3rd quarter. Tidal Investments LLC now owns 94,541 shares of the company's stock worth $391,000 after purchasing an additional 82,929 shares in the last quarter. Barclays PLC grew its position in EVgo by 280.6% in the 3rd quarter. Barclays PLC now owns 132,981 shares of the company's stock valued at $551,000 after purchasing an additional 98,041 shares during the period. Geode Capital Management LLC increased its stake in EVgo by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company's stock valued at $10,020,000 after purchasing an additional 90,887 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company's stock valued at $17,358,000 after buying an additional 847,777 shares in the last quarter. Institutional investors own 17.44% of the company's stock.
About EVgo
(
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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.
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