EVgo (NYSE:EVGO) Stock Price Down 7% – Here’s What Happened

EVgo, Inc. (NYSE:EVGO)’s stock price fell 7% on Monday . The stock traded as low as $2.67 and last traded at $2.71. 2,122,740 shares changed hands during trading, a decline of 55% from the average session volume of 4,677,824 shares. The stock had previously closed at $2.91.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on EVGO. JPMorgan Chase & Co. cut their target price on EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Thursday, January 16th. Stifel Nicolaus raised their price target on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, UBS Group cut their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. 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 company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $6.11.

EVgo Trading Down 8.2 %

The firm has a fifty day simple moving average of $3.72 and a 200-day simple moving average of $4.97. The stock has a market cap of $809.41 million, a price-to-earnings ratio of -6.36 and a beta of 2.32.

Insider Buying and Selling at EVgo

In other EVgo news, Director David Nanus sold 23,000,000 shares of EVgo 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 owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Dennis G. Kish sold 44,184 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the transaction, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. This trade represents a 31.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,061,563 shares of company stock worth $115,225,745. Company insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mariner LLC bought a new stake in shares of EVgo in the 4th quarter valued at about $48,000. International Assets Investment Management LLC acquired a new position in EVgo during the third quarter valued at approximately $51,000. Creative Planning grew its holdings in EVgo by 32.7% during the third 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. FORA Capital LLC bought a new stake in EVgo in the fourth quarter valued at approximately $56,000. Finally, Legacy Capital Wealth Partners LLC raised its holdings in EVgo by 31.8% in the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after purchasing an additional 3,500 shares during the period. Institutional investors own 17.44% of the company’s stock.

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.