EVgo (NYSE:EVGO) Trading 8.6% Higher – Here’s What Happened

EVgo, Inc. (NYSE:EVGO) traded up 8.6% during mid-day trading on Wednesday . The stock traded as high as $5.48 and last traded at $5.31. 3,083,413 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 4,511,094 shares. The stock had previously closed at $4.89.

Analysts Set New Price Targets

A number of analysts have recently issued reports on EVGO shares. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price target on shares of EVgo in a research note on Monday, September 30th. TD Cowen raised EVgo from a “hold” rating to a “buy” rating and boosted their target price for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Royal Bank of Canada raised their price objective on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Finally, Capital One Financial raised EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $6.61.

EVgo Price Performance

The firm has a 50-day moving average of $6.06 and a two-hundred day moving average of $4.00.

EVgo (NYSE:EVGO) last announced 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 firm had revenue of $67.50 million during the quarter, compared to the consensus estimate of $66.52 million. EVgo’s quarterly revenue was up 92.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.09) EPS. As a group, analysts predict that EVgo, Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EVgo

A number of hedge funds have recently made changes to their positions in the business. Creative Planning raised its holdings in EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares in the last quarter. Legacy Capital Wealth Partners LLC lifted its stake in shares of EVgo by 31.8% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after purchasing an additional 3,500 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of EVgo by 11.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock valued at $160,000 after purchasing an additional 6,633 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of EVgo by 47.0% in the 2nd quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock valued at $59,000 after purchasing an additional 7,687 shares during the last quarter. Finally, Atria Wealth Solutions Inc. lifted its position in EVgo by 2.8% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock worth $811,000 after acquiring an additional 8,940 shares during the last quarter. 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.