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

EVgo, Inc. (NYSE:EVGO) shares gapped up prior to trading on Friday . The stock had previously closed at $6.22, but opened at $6.79. EVgo shares last traded at $6.25, with a volume of 3,667,708 shares.

Wall Street Analyst Weigh In

Several research analysts have recently commented on EVGO shares. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and lifted their target price for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price target on shares of EVgo in a report on Monday, September 30th. UBS Group raised EVgo from a “neutral” rating to a “buy” rating and lifted their target price for the company from $4.00 to $8.50 in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. 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 research note on Thursday, October 3rd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $6.61.

EVgo Trading Down 0.5 %

The firm has a fifty day simple moving average of $6.88 and a 200-day simple moving average of $4.60.

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

Insider Activity

In other news, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.14, for a total transaction of $856,966.50. Following the completion of the sale, the chief executive officer now directly owns 348,761 shares of the company’s stock, valued at $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 66.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of EVGO. Legacy Capital Wealth Partners LLC bought a new stake in shares of EVgo during the 2nd quarter worth $27,000. Point72 DIFC Ltd bought a new position in shares of EVgo in the second quarter worth approximately $45,000. International Assets Investment Management LLC bought a new position in shares of EVgo in the third quarter worth approximately $51,000. Creative Planning raised its holdings in shares of 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 last quarter. Finally, SG Americas Securities LLC increased its holdings in EVgo by 47.0% during the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock valued at $59,000 after buying an additional 7,687 shares during the last quarter. 17.44% of the stock is owned by institutional investors.

EVgo Company Profile

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.