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

EVgo, Inc. (NYSE:EVGO) gapped down prior to trading on Monday . The stock had previously closed at $6.09, but opened at $5.92. EVgo shares last traded at $5.93, with a volume of 1,414,497 shares traded.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of EVgo in a research report on Monday, September 30th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Wednesday, November 13th. Capital One Financial upgraded EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus raised their price objective on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $6.61.

EVgo Stock Performance

The firm has a 50 day moving average of $6.80 and a two-hundred day moving average of $4.72. The stock has a market cap of $1.42 billion, a P/E ratio of -11.14 and a beta of 2.24.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. The company’s revenue was up 92.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.09) EPS. On average, sell-side analysts anticipate that EVgo, Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at EVgo

In related news, CEO Badar Khan sold 166,725 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the transaction, the chief executive officer now owns 348,761 shares of the company’s stock, valued at $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EVGO. State Street Corp raised its position in 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 purchasing an additional 847,777 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of EVgo by 3.9% during the third 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 raised its position in EVgo by 66.4% in the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after purchasing an additional 651,475 shares during the last quarter. SIR Capital Management L.P. lifted its holdings in EVgo by 76.9% during the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock worth $2,349,000 after buying an additional 416,800 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in EVgo in the 2nd quarter valued at $1,749,000. 17.44% of the stock is owned by institutional investors.

EVgo Company Profile

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.