EVgo (NASDAQ:EVGO) Shares Gap Up – Should You Buy?

EVgo Inc. (NASDAQ:EVGO) shares gapped up prior to trading on Monday. The stock had previously closed at $1.26, but opened at $1.82. EVgo shares last traded at $1.9250, with a volume of 38,705,456 shares traded.

Analyst Ratings Changes

A number of equities research analysts recently commented on EVGO shares. Evercore reissued an “outperform” rating and issued a $2.50 price target on shares of EVgo in a research report on Monday, September 21st. Royal Bank Of Canada reduced their target price on shares of EVgo from $3.00 to $2.50 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Stifel Nicolaus dropped their price target on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 25th. Cantor Fitzgerald cut their price target on shares of EVgo from $4.00 to $3.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Finally, Roth Capital set a $2.00 price objective on shares of EVgo in a research report on Monday, August 10th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.93.

EVgo Trading Up 48.0%

The company has a market cap of $586.58 million, a PE ratio of -4.66 and a beta of 2.87. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 5.39. The firm has a fifty day moving average of $1.30 and a two-hundred day moving average of $1.93.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.03. The business had revenue of $82.65 million for the quarter. The company’s quarterly revenue was down 15.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.10) EPS. As a group, sell-side analysts predict that EVgo Inc. will post -0.50 EPS for the current year.

Hedge Funds Weigh In On EVgo

Hedge funds and other institutional investors have recently modified their holdings of the company. Kintra Wealth LLC bought a new position in shares of EVgo during the 2nd quarter valued at $25,000. Y Intercept Hong Kong Ltd purchased a new stake in EVgo in the first quarter worth $60,000. Royal Bank of Canada increased its stake in shares of EVgo by 94.4% in the 1st quarter. Royal Bank of Canada now owns 41,038 shares of the company’s stock worth $70,000 after acquiring an additional 19,929 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of EVgo by 46.3% during the first quarter. Cetera Investment Advisers now owns 42,683 shares of the company’s stock valued at $73,000 after purchasing an additional 13,499 shares during the last quarter. Finally, J. Derek Lewis & Associates Inc. boosted its holdings in EVgo by 59.3% in the first quarter. J. Derek Lewis & Associates Inc. now owns 43,000 shares of the company’s stock worth $74,000 after acquiring an additional 16,000 shares in the last quarter. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

About EVgo

EVgo, Inc (NASDAQ: EVGO) operates a public electric vehicle charging network in the United States. The company develops, owns and operates fast-charging stations designed primarily for passenger vehicles, providing drivers with access to charging at shopping centers, grocery stores, retail locations, workplaces and other convenient destinations.

EVgo’s services include on-demand charging through its network and mobile app, as well as features such as payment processing, station availability information and vehicle-to-charger connectivity.