EVgo (NYSE:EVGO) Sets New 1-Year High - Here's Why

EVgo, Inc. (NYSE:EVGO - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $8.24 and last traded at $8.24, with a volume of 2831840 shares changing hands. The stock had previously closed at $7.63.

Analysts Set New Price Targets

EVGO has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised EVgo from a "neutral" rating to an "overweight" rating and set a $7.00 price target on the stock in a research note on Thursday, October 3rd. Capital One Financial raised shares of EVgo to a "strong-buy" rating in a research report on Monday, September 16th. Benchmark upped their price target on shares of EVgo from $3.00 to $5.00 and gave the stock a "buy" rating in a research report on Friday, July 12th. TD Cowen upgraded shares of EVgo from a "hold" rating to a "buy" rating and lifted their price target for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. 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 research note on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $6.17.

EVgo Price Performance

The firm has a 50-day simple moving average of $4.70 and a 200 day simple moving average of $3.25. The company has a market capitalization of $2.55 billion, a PE ratio of -22.24 and a beta of 2.58.

EVgo (NYSE:EVGO - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.01. The company had revenue of $66.62 million during the quarter, compared to analyst estimates of $59.40 million. EVgo's quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.08) EPS. Equities research analysts expect that EVgo, Inc. will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling

In other EVgo news, insider Francine Sullivan sold 12,584 shares of the company's stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares of the company's stock, valued at $422,377.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other EVgo news, insider Francine Sullivan sold 12,584 shares of the company's stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the transaction, the insider now directly owns 117,327 shares of the company's stock, valued at $422,377.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Dennis G. Kish sold 16,414 shares of the firm's stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the sale, the president now directly owns 47,614 shares of the company's stock, valued at $171,410.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by insiders.

Institutional Trading of EVgo

Several institutional investors have recently added to or reduced their stakes in the business. Creative Planning increased its position in EVgo by 32.7% in 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 during the period. Price T Rowe Associates Inc. MD lifted its position in EVgo by 11.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company's stock valued at $160,000 after purchasing an additional 6,633 shares during the last quarter. SG Americas Securities LLC lifted its position 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 purchasing an additional 7,687 shares during the last quarter. Atria Wealth Solutions Inc. boosted its stake in EVgo by 2.8% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company's stock valued at $811,000 after purchasing an additional 8,940 shares during the period. Finally, Legacy Capital Wealth Partners LLC bought a new position in EVgo in the 2nd quarter worth about $27,000. 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.