EVgo (NYSE:EVGO) Shares Gap Up – What’s Next?

EVgo, Inc. (NYSE:EVGO) shares gapped up before the market opened on Tuesday . The stock had previously closed at $5.40, but opened at $6.36. EVgo shares last traded at $5.57, with a volume of 9,031,389 shares.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Stifel Nicolaus upped their price target on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 target price on shares of EVgo in a research note on Monday, September 30th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Wednesday. TD Cowen raised EVgo from a “hold” rating to a “buy” rating and increased their price objective for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. raised EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price on the stock in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, EVgo currently has a consensus rating of “Buy” and an average target price of $6.61.

EVgo Price Performance

The stock has a market cap of $1.57 billion, a PE ratio of -12.38 and a beta of 2.38. The company has a 50-day simple moving average of $6.08 and a 200-day simple moving average of $4.01.

EVgo (NYSE:EVGO) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $66.52 million. During the same period last year, the business earned ($0.09) EPS. The firm’s revenue for the quarter was up 92.3% on a year-over-year basis. On average, equities analysts expect that EVgo, Inc. will post -0.4 EPS for the current fiscal year.

Institutional Trading of EVgo

A number of institutional investors have recently bought and sold shares of the company. Legacy Capital Wealth Partners LLC purchased a new position in shares of EVgo during the 2nd quarter worth approximately $27,000. Bleakley Financial Group LLC acquired a new position in shares of EVgo in the first quarter worth $36,000. SG Americas Securities LLC purchased a new stake in shares of EVgo in the first quarter valued at $41,000. Point72 DIFC Ltd acquired a new stake in shares of EVgo during the second quarter valued at $45,000. Finally, International Assets Investment Management LLC purchased a new stake in EVgo during the 3rd quarter worth about $51,000. 17.44% of the stock is currently owned by hedge funds and other 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.