EVgo (NYSE:EVGO) Trading Down 4.9% – What’s Next?

EVgo, Inc. (NYSE:EVGO)’s share price dropped 4.9% on Friday . The company traded as low as $3.17 and last traded at $3.18. Approximately 594,523 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 4,903,525 shares. The stock had previously closed at $3.34.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Thursday, January 16th. UBS Group cut their target price 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. Stifel Nicolaus upped their target price 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, JPMorgan Chase & Co. cut their price target on shares of EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $6.22.

EVgo Stock Down 9.4 %

The company has a 50 day simple moving average of $4.46 and a 200-day simple moving average of $5.01. The stock has a market capitalization of $917.03 million, a price-to-earnings ratio of -7.20 and a beta of 2.32.

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 business had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. The business’s revenue for the quarter was up 92.3% on a year-over-year basis. As a group, sell-side analysts anticipate that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In other EVgo news, Director David Nanus sold 23,000,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the transaction, the director now owns 5,882,352 shares in the company, valued at $29,411,760. This represents a 79.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Dennis G. Kish sold 44,184 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the transaction, the president now owns 95,986 shares of the company’s stock, valued at $327,312.26. This trade represents a 31.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,228,288 shares of company stock valued at $116,082,711 over the last ninety days. 66.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC bought a new position in shares of EVgo during the 3rd quarter worth $51,000. Creative Planning grew its stake in shares of EVgo by 32.7% during the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after acquiring an additional 3,297 shares during the period. Legacy Capital Wealth Partners LLC grew its stake in shares of EVgo by 31.8% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after acquiring an additional 3,500 shares during the period. Clear Harbor Asset Management LLC bought a new position in shares of EVgo during the 4th quarter worth $72,000. Finally, Blueshift Asset Management LLC bought a new position in shares of EVgo during the 3rd quarter worth $80,000. Institutional investors own 17.44% of the company’s stock.

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.