EVgo (NYSE:EVGO) Stock Price Down 6%

EVgo, Inc. (NYSE:EVGO) shares dropped 6% on Monday . The stock traded as low as $4.21 and last traded at $4.21. Approximately 694,872 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 3,104,589 shares. The stock had previously closed at $4.48.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on EVGO shares. Benchmark increased their price objective on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Stifel Nicolaus lowered their price objective on shares of EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. UBS Group started coverage on shares of EVgo in a research report on Monday, July 22nd. They set a “neutral” rating and a $4.00 price objective for the company. Capital One Financial raised shares of EVgo to a “strong-buy” rating in a research report on Monday. Finally, Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Thursday, August 29th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $4.63.

EVgo Price Performance

The firm has a market cap of $1.33 billion, a P/E ratio of -11.61 and a beta of 2.59. The business’s 50-day moving average is $3.91 and its two-hundred day moving average is $2.81.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The firm had revenue of $66.62 million during the quarter, compared to the consensus estimate of $59.40 million. During the same period last year, the business earned ($0.08) EPS. The business’s revenue was up 31.8% on a year-over-year basis. Equities research analysts predict that EVgo, Inc. will post -0.4 EPS for the current year.

Insider Activity

In other news, insider Francine Sullivan sold 12,584 shares of EVgo stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the transaction, the insider now owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the sale, the president now owns 47,614 shares in the company, valued at approximately $171,410.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $45,302.40. Following the sale, the insider now owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. The disclosure for this sale can be found here. Insiders sold a total of 31,475 shares of company stock valued at $110,189 in the last quarter. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in EVgo by 34.9% in the 4th quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after purchasing an additional 951,272 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in EVgo in the 2nd quarter worth about $1,749,000. Marshall Wace LLP raised its stake in EVgo by 66.4% in the 2nd 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 in the last quarter. SIR Capital Management L.P. raised its stake in EVgo by 76.9% in the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock worth $2,349,000 after purchasing an additional 416,800 shares in the last quarter. Finally, HITE Hedge Asset Management LLC acquired a new stake in EVgo in the 2nd quarter worth about $495,000. Institutional investors and hedge funds 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.