EVgo (NYSE:EVGO) Shares Down 6%

EVgo, Inc. (NYSE:EVGO)’s stock price dropped 6% during mid-day trading on Monday . The company traded as low as $4.21 and last traded at $4.21. Approximately 694,872 shares changed hands during trading, a decline of 78% from the average daily volume of 3,104,589 shares. The stock had previously closed at $4.48.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Thursday, August 29th. Stifel Nicolaus dropped their price target on shares of EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research note 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. UBS Group initiated coverage on shares of EVgo in a research report on Monday, July 22nd. They set a “neutral” rating and a $4.00 price objective for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of EVgo in a research note on Monday, September 9th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $4.63.

EVgo Stock Performance

The stock has a market capitalization of $1.32 billion, a PE ratio of -11.13 and a beta of 2.59. The stock’s 50-day moving average price is $3.85 and its two-hundred day moving average price is $2.78.

EVgo (NYSE:EVGO) last issued its earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. The company had revenue of $66.62 million during the quarter, compared to analysts’ expectations of $59.40 million. During the same quarter in the prior year, the business posted ($0.08) EPS. The company’s revenue for the quarter was up 31.8% compared to the same quarter last year. On average, analysts predict that EVgo, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In related news, insider Francine Sullivan sold 12,584 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the sale, the insider now owns 117,327 shares in the company, valued at $422,377.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the transaction, the president now directly owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $45,302.40. Following 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 in the last ninety days. Corporate insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

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

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.