EVgo (NYSE:EVGO) Shares Down 3.8% – Here’s What Happened

EVgo, Inc. (NYSE:EVGO) dropped 3.8% during mid-day trading on Wednesday . The company traded as low as $3.15 and last traded at $3.19. Approximately 564,719 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 5,282,288 shares. The stock had previously closed at $3.31.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on EVGO shares. Royal Bank of Canada upped their target price on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. Stifel Nicolaus upped their price target on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of EVgo in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. lowered their target price on EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. Two equities 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $6.61.

EVgo Price Performance

The stock has a market capitalization of $1.04 billion, a P/E ratio of -8.19 and a beta of 2.35. The firm has a 50 day moving average of $5.00 and a 200-day moving average of $5.01.

EVgo (NYSE:EVGO) last posted its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate 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. EVgo’s revenue for the quarter was up 92.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) EPS. As a group, equities analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current year.

Insider Activity

In other news, President Dennis G. Kish sold 17,379 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the transaction, the president now directly owns 13,655 shares of the company’s stock, valued at $58,989.60. This represents a 56.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the sale, the director now owns 5,882,352 shares in the company, valued at $29,411,760. This trade represents a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,184,104 shares of company stock valued at $115,932,044 in the last 90 days. 66.96% of the stock is owned by company insiders.

Institutional Trading of EVgo

A number of hedge funds have recently made changes to their positions in EVGO. State Street Corp lifted its position in EVgo by 25.3% during the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after acquiring an additional 847,777 shares during the last quarter. Marshall Wace LLP increased its stake in shares of EVgo by 66.4% during the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after purchasing an additional 651,475 shares during the period. Geode Capital Management LLC boosted its stake in EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after purchasing an additional 90,887 shares during the period. International Assets Investment Management LLC bought a new stake in EVgo in the 3rd quarter valued at $51,000. Finally, Verition Fund Management LLC acquired a new position in EVgo in the 3rd quarter valued at $653,000. 17.44% of the stock is owned by institutional investors and hedge funds.

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.