EVgo (NYSE:EVGO) Trading Down 9.4% – Here’s Why

EVgo, Inc. (NYSE:EVGO) shares fell 9.4% during mid-day trading on Wednesday . The company traded as low as $4.03 and last traded at $4.04. 1,281,603 shares were traded during mid-day trading, a decline of 69% from the average session volume of 4,073,239 shares. The stock had previously closed at $4.46.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Friday, December 20th. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada upped their price target on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. Finally, UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and upped their target price for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Stock Performance

The company’s 50-day moving average price is $5.68 and its 200 day moving average price is $4.95. The stock has a market capitalization of $1.25 billion, a PE ratio of -9.81 and a beta of 2.35.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share 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 the consensus estimate of $66.52 million. The firm’s quarterly revenue was up 92.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.09) EPS. Analysts expect that EVgo, Inc. will post -0.41 earnings per share for the current year.

Insider Activity at EVgo

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

Institutional Trading of EVgo

Several large investors have recently added to or reduced their stakes in EVGO. International Assets Investment Management LLC bought a new stake in EVgo during the 3rd quarter worth approximately $51,000. Creative Planning raised its position in shares of EVgo by 32.7% during the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after purchasing an additional 3,297 shares during the period. Legacy Capital Wealth Partners LLC lifted its stake in shares of EVgo by 31.8% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after buying an additional 3,500 shares in the last quarter. Point72 DIFC Ltd bought a new position in EVgo in the 2nd quarter worth $45,000. Finally, Blueshift Asset Management LLC purchased a new stake in EVgo in the 3rd quarter worth $80,000. 17.44% of the stock is currently owned by 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.