EVgo (NYSE:EVGO) Trading 5% Higher

EVgo, Inc. (NYSE:EVGO)’s share price rose 5% during trading on Tuesday . The stock traded as high as $2.52 and last traded at $2.52. Approximately 194,649 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 2,948,455 shares. The stock had previously closed at $2.40.

Wall Street Analysts Forecast Growth

EVGO has been the topic of several research reports. Benchmark initiated coverage on shares of EVgo in a research report on Wednesday, June 5th. They issued a “buy” rating and a $3.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $4.00 price target on shares of EVgo in a research report on Friday, April 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $4.00 price target on shares of EVgo in a research report on Monday. Citigroup dropped their price target on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Thursday, May 9th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, May 8th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.00.

EVgo Price Performance

The stock has a 50 day moving average of $2.07 and a two-hundred day moving average of $2.43.

EVgo (NYSE:EVGO) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The company had revenue of $55.16 million during the quarter, compared to analysts’ expectations of $52.41 million. The company’s revenue for the quarter was up 118.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.09) EPS. As a group, analysts expect that EVgo, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at EVgo

In other EVgo news, CEO Badar Khan bought 125,000 shares of the stock in a transaction on Monday, May 13th. The shares were bought at an average price of $2.01 per share, with a total value of $251,250.00. Following the purchase, the chief executive officer now directly owns 143,874 shares in the company, valued at approximately $289,186.74. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Institutional investors and hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new position in EVgo during the 4th quarter valued at about $580,000. Wellington Management Group LLP grew its stake in shares of EVgo by 323.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company’s stock valued at $9,207,000 after buying an additional 2,080,839 shares in the last quarter. Prime Capital Investment Advisors LLC bought a new stake in shares of EVgo in the 4th quarter valued at approximately $59,000. Handelsbanken Fonder AB bought a new stake in shares of EVgo in the 4th quarter valued at approximately $121,000. Finally, Voisard Asset Management Group Inc. bought a new stake in shares of EVgo in the 4th quarter valued at approximately $29,000. Hedge funds and other 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.