EVgo (NYSE:EVGO) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

EVgo (NYSE:EVGO) posted its quarterly earnings results on Tuesday. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.02, Briefing.com reports. The firm had revenue of $55.16 million for the quarter, compared to analysts’ expectations of $52.41 million. During the same quarter in the previous year, the firm posted ($0.09) EPS. The firm’s revenue for the quarter was up 118.0% compared to the same quarter last year.

EVgo Stock Down 1.7 %

Shares of NYSE EVGO traded down $0.03 during midday trading on Wednesday, hitting $1.76. The stock had a trading volume of 1,716,397 shares, compared to its average volume of 2,870,837. The company has a market capitalization of $530.68 million, a PE ratio of -3.76 and a beta of 2.53. The stock has a 50 day simple moving average of $2.25 and a 200-day simple moving average of $2.61. EVgo has a 1 year low of $1.65 and a 1 year high of $6.20.

Analyst Upgrades and Downgrades

EVGO has been the topic of several analyst reports. Evercore ISI dropped their target price on EVgo from $9.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, March 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $5.00 target price on shares of EVgo in a report on Thursday, March 7th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $4.00 price target on shares of EVgo in a research report on Friday, April 5th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, EVgo presently has a consensus rating of “Hold” and an average price target of $5.19.

Insider Activity

In related news, President Dennis G. Kish sold 34,717 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total value of $104,151.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other EVgo news, President Dennis G. Kish sold 34,717 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total transaction of $104,151.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Olga Shevorenkova sold 19,363 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total value of $58,089.00. Following the sale, the chief financial officer now directly owns 81,991 shares of the company’s stock, valued at approximately $245,973. The disclosure for this sale can be found here. Insiders have sold a total of 56,230 shares of company stock worth $167,409 over the last quarter. 66.96% of the stock is currently owned by corporate insiders.

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.