EVgo (NYSE:EVGO) Shares Down 3.8%

EVgo, Inc. (NYSE:EVGO) dropped 3.8% on Monday . The stock traded as low as $3.77 and last traded at $3.79. Approximately 983,200 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 3,132,967 shares. The stock had previously closed at $3.94.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EVGO. Stifel Nicolaus dropped their price objective on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Benchmark lifted their target price on EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of EVgo in a report on Monday. UBS Group initiated coverage on shares of EVgo in a research note on Monday, July 22nd. They set a “neutral” rating and a $4.00 price objective for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research note on Thursday, August 29th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.63.

EVgo Price Performance

The stock has a market capitalization of $1.30 billion, a PE ratio of -10.71 and a beta of 2.59. The company’s 50 day moving average price is $3.74 and its two-hundred day moving average price is $2.75.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.01. The firm had revenue of $66.62 million for the quarter, compared to analyst estimates of $59.40 million. During the same period in the previous year, the firm posted ($0.08) EPS. The company’s revenue was up 31.8% compared to the same quarter last year. Analysts forecast that EVgo, Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling at EVgo

In other EVgo news, President Dennis G. Kish sold 16,414 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $59,090.40. Following the sale, the president now owns 47,614 shares of the company’s stock, valued at $171,410.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other EVgo news, President Dennis G. Kish sold 16,414 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the sale, the president now directly owns 47,614 shares in the company, valued at $171,410.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. The disclosure for this sale can be found here. Insiders have sold 31,475 shares of company stock valued at $110,189 over the last 90 days. 66.96% of the stock is owned by insiders.

Institutional Trading of EVgo

Several hedge funds have recently added to or reduced their stakes in EVGO. Legacy Capital Wealth Partners LLC purchased a new position in shares of EVgo in the 2nd quarter valued at about $27,000. Voisard Asset Management Group Inc. purchased a new position in shares of EVgo in the 4th quarter valued at $29,000. Simplicity Wealth LLC purchased a new stake in EVgo in the first quarter valued at $36,000. Bleakley Financial Group LLC acquired a new position in EVgo in the first quarter valued at $36,000. Finally, SG Americas Securities LLC acquired a new stake in shares of EVgo during the first quarter worth about $41,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

About EVgo

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.