What is Roth Capital's Forecast for EVgo FY2024 Earnings?

EVgo, Inc. (NYSE:EVGO - Free Report) - Equities research analysts at Roth Capital lowered their FY2024 earnings estimates for EVgo in a research report issued to clients and investors on Tuesday, November 12th. Roth Capital analyst C. Irwin now expects that the company will earn ($0.41) per share for the year, down from their prior forecast of ($0.40). The consensus estimate for EVgo's current full-year earnings is ($0.40) per share. Roth Capital also issued estimates for EVgo's Q1 2025 earnings at ($0.09) EPS, Q2 2025 earnings at ($0.08) EPS, Q3 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.03) EPS, FY2025 earnings at ($0.27) EPS and FY2026 earnings at ($0.16) EPS.

Several other research analysts have also issued reports on the stock. JPMorgan Chase & Co. raised shares of EVgo from a "neutral" rating to an "overweight" rating and set a $7.00 price target for the company in a research report on Thursday, October 3rd. UBS Group raised shares of 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 report on Thursday, October 10th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. TD Cowen raised shares of EVgo from a "hold" rating to a "buy" rating and raised their price objective for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, Marathon Capitl raised shares of EVgo from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, EVgo currently has an average rating of "Buy" and a consensus price target of $6.61.

EVgo Price Performance

Shares of NYSE EVGO traded up $0.01 during mid-day trading on Friday, hitting $5.06. The company had a trading volume of 6,415,023 shares, compared to its average volume of 4,571,949. The business's 50-day simple moving average is $6.12 and its 200-day simple moving average is $4.04. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07. The firm has a market cap of $1.53 billion, a P/E ratio of -12.05 and a beta of 2.38.

EVgo (NYSE:EVGO - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The company had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. During the same period in the previous year, the firm posted ($0.09) EPS. The business's revenue for the quarter was up 92.3% compared to the same quarter last year.

Insider Transactions at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of EVgo stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the sale, the chief executive officer now directly owns 348,761 shares in the company, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 66.96% of the company's stock.

Institutional Investors Weigh In On EVgo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legacy Capital Wealth Partners LLC bought a new stake in shares of EVgo during the 2nd quarter worth about $27,000. International Assets Investment Management LLC bought a new position in EVgo in the 3rd quarter valued at approximately $51,000. Creative Planning lifted its stake 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 purchasing an additional 3,297 shares during the last quarter. Bleakley Financial Group LLC bought a new position in shares of EVgo during the first quarter valued at $36,000. Finally, SG Americas Securities LLC bought a new position in shares of EVgo during the first quarter valued at $41,000. 17.44% of the stock is currently 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.