Investors Buy Large Volume of Call Options on EVgo (NYSE:EVGO)

EVgo, Inc. (NYSE:EVGO) was the target of some unusual options trading activity on Tuesday. Traders bought 9,182 call options on the company. This represents an increase of approximately 30% compared to the average volume of 7,067 call options.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in 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. JPMorgan Chase & Co. upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research note on Thursday, October 3rd. Stifel Nicolaus increased their target price 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. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and boosted their price target for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $6.61.

Insider Activity at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of EVgo stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the transaction, the chief executive officer now owns 348,761 shares in the company, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Several institutional investors and hedge funds have recently made changes to their positions in the business. Legacy Capital Wealth Partners LLC acquired a new position in shares of EVgo in the second quarter valued at approximately $27,000. Point72 DIFC Ltd bought a new position in EVgo during the 2nd quarter worth about $45,000. International Assets Investment Management LLC acquired a new stake in shares of EVgo in the 3rd quarter valued at about $51,000. Creative Planning lifted its holdings in shares of EVgo by 32.7% in 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 in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of EVgo by 47.0% during the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after buying an additional 7,687 shares in the last quarter. Institutional investors own 17.44% of the company’s stock.

EVgo Trading Down 25.9 %

NYSE EVGO opened at $4.68 on Wednesday. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07. The company has a 50 day moving average of $6.80 and a 200-day moving average of $4.72. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -11.14 and a beta of 2.24.

EVgo (NYSE:EVGO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The firm had revenue of $67.50 million during the quarter, compared to the consensus estimate of $66.52 million. The business’s quarterly revenue was up 92.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) EPS. On average, analysts forecast that EVgo will post -0.41 earnings per share for the current year.

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.