EVgo (NASDAQ:EVGO) Reaches New 52-Week Low – What’s Next?

Shares of EVgo Inc. (NASDAQ:EVGO) reached a new 52-week low during trading on Tuesday . The stock traded as low as $1.64 and last traded at $1.66, with a volume of 6966935 shares trading hands. The stock had previously closed at $1.72.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Royal Bank Of Canada reduced their target price on shares of EVgo from $7.00 to $4.50 and set an “outperform” rating on the stock in a report on Wednesday, March 4th. Cantor Fitzgerald lowered their price target on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, March 4th. Stifel Nicolaus reduced their price objective on EVgo from $7.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Weiss Ratings restated a “sell (d-)” rating on shares of EVgo in a research report on Thursday, January 22nd. Finally, Benchmark reaffirmed a “buy” rating on shares of EVgo in a research note on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, EVgo presently has a consensus rating of “Moderate Buy” and an average price target of $5.58.

EVgo Stock Performance

The stock has a fifty day moving average of $2.56 and a 200-day moving average of $3.27. The company has a market cap of $554.15 million, a PE ratio of -5.53 and a beta of 2.80.

EVgo (NASDAQ:EVGO) last released its earnings results on Tuesday, March 3rd. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.10. The business had revenue of $118.47 million during the quarter. During the same quarter last year, the firm posted ($0.11) EPS. The firm’s revenue for the quarter was up 75.5% on a year-over-year basis. As a group, equities analysts anticipate that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On EVgo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP grew its stake in EVgo by 145.0% in the 4th quarter. Quarry LP now owns 9,307 shares of the company’s stock worth $27,000 after acquiring an additional 5,508 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of EVgo during the fourth quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd raised its stake in shares of EVgo by 4,903.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 9,856 shares of the company’s stock valued at $29,000 after acquiring an additional 9,659 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of EVgo in the fourth quarter valued at approximately $32,000. Finally, Fullerton Advisors LLC purchased a new stake in shares of EVgo in the fourth quarter valued at approximately $36,000. Institutional investors own 17.44% of the company’s stock.

EVgo Company Profile

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.