EVgo (NYSE:EVGO) Shares Up 7.9% - Still a Buy?

EVgo, Inc. (NYSE:EVGO - Get Free Report)'s share price was up 7.9% on Thursday . The stock traded as high as $8.67 and last traded at $8.64. Approximately 1,867,241 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 4,299,164 shares. The stock had previously closed at $8.01.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on EVGO shares. UBS Group raised 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 report on Thursday, October 10th. Capital One Financial raised EVgo to a "strong-buy" rating in a report on Monday, September 16th. Cantor Fitzgerald reissued an "overweight" rating and issued a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. Benchmark boosted their price objective on EVgo from $3.00 to $5.00 and gave the company a "buy" rating in a report on Friday, July 12th. Finally, Marathon Capitl raised EVgo from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Two equities research 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 company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $6.17.

EVgo Price Performance

The company has a market capitalization of $2.70 billion, a P/E ratio of -22.45 and a beta of 2.58. The company has a fifty day moving average price of $5.15 and a 200 day moving average price of $3.46.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On EVgo

Several hedge funds have recently made changes to their positions in EVGO. Wellington Management Group LLP boosted its holdings in EVgo by 34.9% during the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company's stock worth $13,158,000 after buying an additional 951,272 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of EVgo in the second quarter valued at $1,749,000. Marshall Wace LLP boosted its position in shares of EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company's stock worth $4,002,000 after buying an additional 651,475 shares during the period. SIR Capital Management L.P. raised its position in EVgo by 76.9% during the second quarter. SIR Capital Management L.P. now owns 958,600 shares of the company's stock valued at $2,349,000 after buying an additional 416,800 shares during the period. Finally, HITE Hedge Asset Management LLC purchased a new stake in EVgo in the 2nd quarter worth about $495,000. Institutional investors and hedge funds 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.