EVgo (NASDAQ:EVGO) Stock Price Up 7.5% – Time to Buy?

EVgo, Inc. (NASDAQ:EVGO)’s stock price rose 7.5% during trading on Monday . The stock traded as high as $2.58 and last traded at $2.58. Approximately 312,991 shares changed hands during trading, a decline of 93% from the average daily volume of 4,430,897 shares. The stock had previously closed at $2.40.

Wall Street Analysts Forecast Growth

EVGO has been the subject of a number of analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 target price on shares of EVgo in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective on EVgo from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. Stifel Nicolaus reduced their target price on EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Finally, UBS Group reduced their price objective on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, EVgo currently has an average rating of “Buy” and an average target price of $6.11.

EVgo Stock Up 4.2 %

The stock has a market capitalization of $765.81 million, a P/E ratio of -5.95 and a beta of 2.37. The firm has a fifty day moving average price of $3.15 and a two-hundred day moving average price of $4.83.

EVgo (NASDAQ:EVGO) last released its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.04. The business had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. Sell-side analysts anticipate that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other EVgo news, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the sale, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Nanus sold 23,000,000 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the transaction, the director now directly owns 5,882,352 shares in the company, valued at $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,061,563 shares of company stock worth $115,225,745. 66.96% of the stock is owned by corporate insiders.

Institutional Trading of EVgo

Hedge funds have recently bought and sold shares of the company. Millennium Management LLC increased its holdings in EVgo by 394.4% during the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock valued at $18,727,000 after buying an additional 3,688,614 shares during the last quarter. D. E. Shaw & Co. Inc. grew its position in shares of EVgo by 175.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock valued at $20,046,000 after acquiring an additional 3,153,073 shares during the period. SIR Capital Management L.P. increased its stake in shares of EVgo by 326.3% in the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock worth $14,311,000 after purchasing an additional 2,704,662 shares in the last quarter. Two Sigma Advisers LP raised its holdings in EVgo by 2,533.6% in the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock worth $10,101,000 after purchasing an additional 2,399,300 shares during the period. Finally, Vanguard Group Inc. grew its holdings in EVgo by 20.1% during the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock valued at $49,414,000 after purchasing an additional 2,043,449 shares during the period. 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.