EVgo (NYSE:EVGO) Shares Down 5% – Time to Sell?

EVgo, Inc. (NYSE:EVGO)’s share price dropped 5% during trading on Monday . The stock traded as low as $7.56 and last traded at $7.57. Approximately 3,943,660 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 4,303,499 shares. The stock had previously closed at $7.97.

Analyst Ratings Changes

EVGO has been the topic of a number of analyst reports. 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 note on Wednesday, October 30th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Thursday, August 29th. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price target on shares of EVgo in a research note on Monday, September 30th. Finally, 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. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Stock Performance

The firm has a market capitalization of $2.26 billion, a PE ratio of -19.20 and a beta of 2.37. The company has a fifty day simple moving average of $5.80 and a two-hundred day simple moving average of $3.77.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. The business had revenue of $66.62 million during the quarter, compared to analysts’ expectations of $59.40 million. The firm’s revenue was up 31.8% on a year-over-year basis. During the same period last year, the company earned ($0.08) earnings per share. On average, equities analysts anticipate that EVgo, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In other news, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the sale, the president now directly owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. The trade was 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 hyperlink. In other EVgo news, insider Francine Sullivan sold 12,584 shares of the business’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 $45,302.40. Following the completion of the transaction, the insider now owns 117,327 shares in the company, valued at $422,377.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Dennis G. Kish sold 16,414 shares of EVgo 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 sale, the president now directly 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 disclosure for this sale can be found here. Insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EVGO. Marshall Wace LLP raised its stake in EVgo by 66.4% during the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after acquiring an additional 651,475 shares in the last quarter. Vanguard Group Inc. increased its position in EVgo by 0.4% during the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after buying an additional 37,168 shares during the period. Bleakley Financial Group LLC purchased a new stake in EVgo in the first quarter valued at approximately $36,000. Tidal Investments LLC grew its position in shares of EVgo by 32.2% during the first quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock worth $798,000 after acquiring an additional 77,354 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of EVgo during the first quarter worth approximately $71,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

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.