EVgo (NASDAQ:EVGO) Trading 7.8% Higher – Here’s What Happened

Shares of EVgo Inc. (NASDAQ:EVGO) shot up 7.8% during mid-day trading on Wednesday . The company traded as high as $2.0850 and last traded at $2.0910. 1,694,511 shares were traded during mid-day trading, a decline of 58% from the average session volume of 4,074,450 shares. The stock had previously closed at $1.94.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on EVGO. Wall Street Zen lowered EVgo from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 9th. Benchmark restated a “buy” rating on shares of EVgo in a research report on Monday, March 2nd. Cantor Fitzgerald dropped their price target on EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, March 4th. Stifel Nicolaus dropped their price target on EVgo from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Finally, JPMorgan Chase & Co. restated a “neutral” rating on shares of EVgo in a research report on Wednesday, March 25th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $5.28.

EVgo Stock Up 2.8%

The stock has a market capitalization of $626.15 million, a price-to-earnings ratio of -5.70 and a beta of 2.82. The business has a fifty day moving average of $1.96 and a 200 day moving average of $2.63. The company has a debt-to-equity ratio of 5.39, a current ratio of 2.07 and a quick ratio of 2.07.

EVgo (NASDAQ:EVGO) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. The firm had revenue of $109.53 million for the quarter. During the same quarter last year, the business earned ($0.09) EPS. The firm’s quarterly revenue was up 45.4% compared to the same quarter last year. As a group, equities analysts predict that EVgo Inc. will post -0.45 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Quarry LP lifted its stake in EVgo by 145.0% during the fourth quarter. Quarry LP now owns 9,307 shares of the company’s stock worth $27,000 after purchasing an additional 5,508 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in EVgo during the fourth quarter worth $27,000. Caitong International Asset Management Co. Ltd lifted its stake in EVgo by 4,903.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 9,856 shares of the company’s stock worth $29,000 after purchasing an additional 9,659 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in EVgo during the fourth quarter worth $32,000. Finally, Fullerton Advisors LLC acquired a new position in EVgo during the fourth quarter worth $36,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

EVgo Company Profile

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.