EVgo (NYSE:EVGO) Shares Gap Up After Better-Than-Expected Earnings

EVgo, Inc. (NYSE:EVGO) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $3.84, but opened at $4.18. EVgo shares last traded at $4.58, with a volume of 4,107,369 shares trading hands.

The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million for the quarter, compared to the consensus estimate of $59.40 million. The firm’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.08) EPS.

Analysts Set New Price Targets

EVGO has been the topic of a number of recent research reports. UBS Group initiated coverage on shares of EVgo in a report on Monday, July 22nd. They set a “neutral” rating and a $4.00 price target on the stock. Citigroup cut their price target on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. Cantor Fitzgerald raised their price target on shares of EVgo from $4.00 to $5.00 and gave the company an “overweight” rating in a report on Friday. Benchmark lifted their target price on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $4.00 target price on shares of EVgo in a report on Friday, April 5th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.43.

Insiders Place Their Bets

In related news, CEO Badar Khan purchased 125,000 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were bought at an average cost of $2.01 per share, for a total transaction of $251,250.00. Following the transaction, the chief executive officer now directly owns 143,874 shares of the company’s stock, valued at approximately $289,186.74. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Several institutional investors have recently made changes to their positions in EVGO. Legacy Capital Wealth Partners LLC acquired a new stake in shares of EVgo during the 2nd quarter valued at about $27,000. Voisard Asset Management Group Inc. acquired a new stake in shares of EVgo during the 4th quarter valued at about $29,000. Simplicity Wealth LLC acquired a new stake in shares of EVgo during the 1st quarter valued at about $36,000. Bleakley Financial Group LLC acquired a new stake in shares of EVgo during the 1st quarter valued at about $36,000. Finally, SG Americas Securities LLC acquired a new stake in shares of EVgo during the 1st quarter valued at about $41,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

EVgo Trading Up 4.1 %

The firm’s 50-day moving average price is $2.77 and its two-hundred day moving average price is $2.46.

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.