EVgo (NYSE:EVGO) Sees Large Volume Increase – Here’s Why

EVgo, Inc. (NYSE:EVGO) shares saw unusually-strong trading volume on Tuesday . Approximately 12,709,538 shares traded hands during mid-day trading, an increase of 170% from the previous session’s volume of 4,703,462 shares.The stock last traded at $4.71 and had previously closed at $6.32.

Analyst Ratings Changes

EVGO has been the subject of a number of analyst reports. UBS Group raised EVgo from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. JPMorgan Chase & Co. upgraded EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research report on Thursday, October 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. Royal Bank of Canada lifted their price objective on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Finally, TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and boosted their price objective for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, EVgo has an average rating of “Buy” and an average price target of $6.61.

EVgo Stock Performance

The firm’s 50-day moving average is $6.84 and its 200 day moving average is $4.70. The firm has a market capitalization of $1.40 billion, a P/E ratio of -10.98 and a beta of 2.24.

EVgo (NYSE:EVGO) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The company had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. The business’s quarterly revenue was up 92.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. As a group, research analysts expect that EVgo, Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at EVgo

In related news, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total transaction of $856,966.50. Following the transaction, the chief executive officer now directly owns 348,761 shares in the company, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 66.96% of the stock is owned by insiders.

Hedge Funds Weigh In On EVgo

Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC boosted its holdings in shares of EVgo by 47.0% during the 2nd quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after buying an additional 7,687 shares during the period. Atria Wealth Solutions Inc. lifted its holdings in shares of EVgo by 2.8% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock worth $811,000 after acquiring an additional 8,940 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of EVgo by 12.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 408,687 shares of the company’s stock valued at $1,001,000 after purchasing an additional 46,157 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in EVgo by 42.6% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company’s stock valued at $1,251,000 after buying an additional 152,436 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC acquired a new stake in shares of EVgo in the 2nd quarter valued at approximately $27,000. Institutional investors and hedge funds 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.