EVgo (NYSE:EVGO) Shares Down 3.6% - Here's Why

EVgo, Inc. (NYSE:EVGO - Get Free Report) fell 3.6% on Monday . The company traded as low as $8.45 and last traded at $8.49. 2,366,751 shares changed hands during trading, a decline of 45% from the average session volume of 4,308,377 shares. The stock had previously closed at $8.81.

Wall Street Analyst Weigh In

A number of brokerages have commented on EVGO. Marathon Capitl upgraded shares of EVgo from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 22nd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $5.00 target price on shares of EVgo in a research report on Monday, September 30th. Stifel Nicolaus cut their price target on shares of EVgo from $7.00 to $6.00 and set a "buy" rating for the company in a research report on Tuesday, August 6th. Capital One Financial raised EVgo to a "strong-buy" rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. raised EVgo from a "neutral" rating to an "overweight" rating and set a $7.00 target price for the company in a research note on Thursday, October 3rd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $6.17.

EVgo Price Performance

The stock has a market capitalization of $2.57 billion, a PE ratio of -22.63 and a beta of 2.58. The company has a 50 day moving average price of $5.36 and a 200-day moving average price of $3.56.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On EVgo

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in EVgo by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company's stock worth $24,344,000 after purchasing an additional 37,168 shares in the last quarter. Marshall Wace LLP lifted its stake 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 in the last quarter. SIR Capital Management L.P. grew its holdings in shares of 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 last quarter. Point72 Asset Management L.P. bought a new stake in shares of EVgo during the second quarter valued at approximately $1,749,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in EVgo by 42.6% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company's stock worth $1,251,000 after acquiring an additional 152,436 shares during the last quarter. 17.44% of the stock is owned by hedge funds and other 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.

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