EVgo (NYSE:EVGO) Shares Down 5.1% – Here’s Why

EVgo, Inc. (NYSE:EVGO) shares fell 5.1% during trading on Thursday . The company traded as low as $3.68 and last traded at $3.69. 992,781 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 4,856,100 shares. The stock had previously closed at $3.89.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of EVgo in a report on Monday, September 30th. JPMorgan Chase & Co. lowered their price target on EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $4.00 to $8.50 in a research report on Thursday, October 10th. Finally, Stifel Nicolaus upped their price target on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Trading Down 5.0 %

The firm’s fifty day moving average price is $5.15 and its 200 day moving average price is $4.99. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -8.12 and a beta of 2.35.

EVgo (NYSE:EVGO) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The firm had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. During the same period in the previous year, the firm earned ($0.09) earnings per share. The company’s quarterly revenue was up 92.3% on a year-over-year basis. On average, analysts forecast that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other EVgo news, President Dennis G. Kish sold 17,379 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total value of $75,077.28. Following the sale, the president now directly owns 13,655 shares of the company’s stock, valued at approximately $58,989.60. This represents a 56.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director David Nanus sold 23,000,000 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the transaction, the director now directly owns 5,882,352 shares in the company, valued at $29,411,760. This trade represents a 79.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,184,104 shares of company stock worth $115,932,044 in the last ninety days. 66.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EVgo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. State Street Corp boosted its holdings in shares of EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after buying an additional 847,777 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after purchasing an additional 90,887 shares during the last quarter. Marshall Wace LLP increased its position in EVgo by 66.4% during 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. Point72 Asset Management L.P. purchased a new position in shares of EVgo during the second quarter worth approximately $1,749,000. Finally, HITE Hedge Asset Management LLC grew its position in EVgo by 105.0% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 413,906 shares of the company’s stock worth $1,714,000 after purchasing an additional 212,004 shares during the last quarter. 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.