EVgo (NYSE: EVGO) Shares Down 5% - What's Next?

EVgo, Inc. (NYSE:EVGO) experienced a decline of 5% in its share price during trading on Monday. The stock reached a low of $7.56 before closing at $7.57. A total of 3,943,660 shares were traded during mid-day, reflecting an 8% drop from the average session volume of 4,303,499 shares. The previous close was $7.97.

Analyst Ratings Changes

Several financial analysts have recently provided their insights regarding EVgo. Stifel Nicolaus raised their price target for EVgo from $6.00 to $10.00, assigning a "buy" rating in a note published on October 30th. UBS Group upgraded EVgo shares from a "neutral" to a "buy" rating and adjusted their target price from $4.00 to $8.50 in a report released on October 10th. TD Cowen also upgraded EVgo, moving their rating from "hold" to "buy" and increasing the price target from $5.00 to $7.00 on October 3rd. Meanwhile, Cantor Fitzgerald maintained an "overweight" rating with a subsequent $5.00 price target on September 30th. Lastly, Royal Bank of Canada lifted their price objective from $4.00 to $8.00, granting the stock an "outperform" rating on October 9th. Currently, two analysts have a hold rating on EVgo, while eight recommend buying the stock, and two have rated it as a strong buy. Data from MarketBeat.com indicates a consensus rating of "Buy" with a consensus price target of $6.61.

EVgo Stock Performance

Over recent trading sessions, EVgo’s 50-day moving average price stands at $5.80, while its 200-day moving average is $3.77. The company holds a market cap of approximately $2.26 billion, with a price-to-earnings ratio of -19.20 and a beta of 2.37.

EVgo recently released its quarterly earnings results on August 1st, revealing an earnings per share (EPS) of ($0.10), beating the anticipated EPS of ($0.11) by one cent. The reported revenue was $66.62 million, surpassing analyst expectations of $59.40 million and marking a 31.8% increase compared to the same quarter the previous year. Last year, during this quarter, EVgo recorded an EPS of ($0.08). Analysts predict an average EPS of -0.4 for EVgo for the current fiscal year.

Insider Transactions at EVgo

In recent news regarding insider transactions, Francine Sullivan, an insider at EVgo, sold 12,584 shares on August 12th for an average price of $3.60, totaling around $45,302.40. Following the sale, Sullivan retains ownership of 117,327 shares valued at approximately $422,377.20. This transaction, which showed no percentage decrease in her holding, was reported to the SEC. Additionally, on the same day, President Dennis G. Kish also sold 16,414 shares at an average price of $3.60, with a total worth of $59,090.40. Kish now holds 47,614 shares valued at $171,410.40. Cumulatively, corporate insiders hold around 66.96% of EVgo's stock.

Hedge Funds Weigh In On EVgo

Various hedge funds and institutional investors have adjusted their positions in EVgo recently. Creative Planning increased its stake in the third quarter by 32.7%, owning now 13,365 shares worth approximately $55,000 after acquiring 3,297 additional shares. Legacy Capital Wealth Partners LLC boosted its stake by 31.8%, bringing their total holdings to 14,500 shares valued at $60,000 after purchasing 3,500 shares. Price T Rowe Associates Inc. MD raised its holdings by 11.7% in the first quarter, now owning 63,392 shares worth $160,000 after acquiring 6,633 shares. SG Americas Securities LLC increased their position by 47.0% in the second quarter, owning 24,049 shares valued at $59,000. Lastly, Atria Wealth Solutions Inc. raised its stake by 2.8%. As a result, hedge funds and institutional investors control 17.44% of the company's shares.

About EVgo

EVgo, Inc. operates a direct current fast charging network specifically designed for electric vehicles (EVs) in the United States. The company provides electricity directly to drivers using its publicly available networked chargers, OEM charging services, fleet charging solutions, as well as dedicated charging services for businesses.

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This article is written to provide objective information on EVgo’s stock performance and market trends.

Should you invest $1,000 in EVgo right now?

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EVgo, Stocks, Investment