EVgo (NYSE:EVGO) Shares Down 5.3% – What’s Next?

EVgo, Inc. (NYSE:EVGO)’s stock price traded down 5.3% during mid-day trading on Wednesday . The stock traded as low as $6.22 and last traded at $6.23. 1,613,103 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 4,611,132 shares. The stock had previously closed at $6.58.

Wall Street Analyst Weigh In

EVGO has been the topic of a number of recent research reports. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Capital One Financial raised EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, November 13th. Royal Bank of Canada lifted their price objective on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of EVgo in a report on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, EVgo currently has a consensus rating of “Buy” and an average target price of $6.61.

EVgo Stock Down 2.1 %

The firm’s 50-day moving average is $6.88 and its two-hundred day moving average is $4.60.

EVgo (NYSE:EVGO) last issued its quarterly earnings results 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 during the quarter, compared to analyst estimates of $66.52 million. The firm’s revenue for the quarter was up 92.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) earnings per share. On average, analysts expect that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $5.14, for a total value of $856,966.50. Following the transaction, the chief executive officer now owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 66.96% of the stock is owned by corporate insiders.

Institutional Trading of EVgo

A number of institutional investors and hedge funds have recently modified their holdings of EVGO. Legacy Capital Wealth Partners LLC acquired a new position in EVgo during the second quarter valued at approximately $27,000. International Assets Investment Management LLC bought a new position in shares of EVgo during the third quarter worth $51,000. Creative Planning grew its holdings in shares of EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after buying an additional 3,297 shares during the period. Point72 DIFC Ltd bought a new stake in shares of EVgo in the 2nd quarter valued at $45,000. Finally, Blueshift Asset Management LLC acquired a new stake in EVgo during the 3rd quarter worth $80,000. 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.