EVgo (NYSE:EVGO) Trading Down 3.6% - Here's What Happened

EVgo, Inc. (NYSE:EVGO - Get Free Report) shares dropped 3.6% on Monday . The company traded as low as $7.86 and last traded at $7.96. Approximately 583,321 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 4,284,132 shares. The stock had previously closed at $8.26.

Wall Street Analysts Forecast Growth

EVGO has been the subject of a number of research analyst reports. TD Cowen upgraded EVgo from a "hold" rating to a "buy" rating and upped their target price for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. Cantor Fitzgerald reissued an "overweight" rating and set a $5.00 price objective on shares of EVgo in a research note on Monday, September 30th. Capital One Financial raised EVgo to a "strong-buy" rating in a research note on Monday, September 16th. Royal Bank of Canada raised their price objective on EVgo from $4.00 to $8.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 9th. Finally, UBS Group raised EVgo from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $6.17.

EVgo Price Performance

The company has a fifty day simple moving average of $4.98 and a two-hundred day simple moving average of $3.38. The company has a market capitalization of $2.44 billion, a P/E ratio of -21.29 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 for the quarter, beating the consensus estimate of ($0.11) by $0.01. The company had revenue of $66.62 million for the quarter, compared to the consensus estimate of $59.40 million. During the same quarter last year, the business earned ($0.08) earnings per share. EVgo's quarterly revenue was up 31.8% on a year-over-year basis. Equities analysts anticipate that EVgo, Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling at EVgo

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

Institutional Investors Weigh In On EVgo

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning grew its position in EVgo by 32.7% during 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 in the last quarter. Point72 DIFC Ltd acquired a new stake in EVgo during the second quarter worth about $45,000. Point72 Asset Management L.P. acquired a new stake in EVgo during the second quarter worth about $1,749,000. Squarepoint Ops LLC acquired a new stake in EVgo during the second quarter worth about $495,000. Finally, HITE Hedge Asset Management LLC acquired a new stake in EVgo during the second quarter worth about $495,000. 17.44% of the stock is owned by institutional investors and hedge funds.

About EVgo

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.