EVgo (NYSE:EVGO) Stock Price Down 7% - Should You Sell?

Shares of EVgo, Inc. (NYSE:EVGO - Get Free Report) dropped 7% during trading on Monday . The company traded as low as $2.67 and last traded at $2.71. Approximately 2,122,740 shares traded hands during trading, a decline of 55% from the average daily volume of 4,677,824 shares. The stock had previously closed at $2.91.

Analysts Set New Price Targets

EVGO has been the subject of several recent analyst reports. Stifel Nicolaus increased their price objective on shares of EVgo from $6.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Needham & Company LLC restated a "hold" rating on shares of EVgo in a research report on Thursday, January 16th. JPMorgan Chase & Co. dropped their target price on shares of EVgo from $7.00 to $6.00 and set an "overweight" rating on the stock in a report on Wednesday, February 19th. Finally, UBS Group decreased their price target on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $6.11.

EVgo Stock Performance

The company has a market cap of $841.25 million, a price-to-earnings ratio of -6.61 and a beta of 2.32. The company's 50 day moving average price is $3.57 and its 200 day moving average price is $4.94.

Insiders Place Their Bets

In other EVgo news, Director David Nanus sold 23,000,000 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the director now owns 5,882,352 shares of the company's stock, valued at $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the transaction, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. This represents a 31.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,061,563 shares of company stock valued at $115,225,745 over the last three months. 66.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EVgo

A number of hedge funds have recently bought and sold shares of EVGO. Creative Planning grew its holdings 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 boosted its position in shares of EVgo by 31.8% in the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company's stock valued at $60,000 after acquiring an additional 3,500 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of EVgo by 5.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 86,588 shares of the company's stock worth $351,000 after acquiring an additional 4,597 shares during the last quarter. Rhumbline Advisers grew its stake in shares of EVgo by 3.2% in the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company's stock worth $602,000 after acquiring an additional 4,622 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in EVgo by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 298,794 shares of the company's stock worth $1,210,000 after acquiring an additional 5,377 shares during the period. 17.44% of the stock is currently owned by institutional investors.

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.