EVgo (NYSE:EVGO) Shares Up 8.6% – Here’s What Happened

EVgo, Inc. (NYSE:EVGO)’s share price shot up 8.6% during trading on Wednesday . The company traded as high as $5.48 and last traded at $5.31. 3,083,413 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 4,511,094 shares. The stock had previously closed at $4.89.

Wall Street Analysts Forecast Growth

EVGO has been the subject of several recent research reports. Royal Bank of Canada upped their price objective on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of EVgo in a research report on Monday, September 30th. Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and increased their target price for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. raised shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $6.61.

EVgo Trading Down 2.9 %

The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -12.02 and a beta of 2.38. The firm’s 50 day moving average price is $6.10 and its two-hundred day moving average price is $4.02.

EVgo (NYSE:EVGO) last announced its quarterly 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 business had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. The firm’s revenue was up 92.3% on a year-over-year basis. As a group, equities research analysts predict that EVgo, Inc. will post -0.4 EPS for the current year.

Institutional Investors Weigh In On EVgo

Several hedge funds have recently added to or reduced their stakes in EVGO. Paloma Partners Management Co bought a new position in shares of EVgo in the third quarter valued at about $99,000. Firsthand Capital Management Inc. grew its stake in EVgo by 2,403.1% in the 3rd quarter. Firsthand Capital Management Inc. now owns 40,000 shares of the company’s stock valued at $166,000 after buying an additional 38,402 shares during the last quarter. Verition Fund Management LLC bought a new position in EVgo in the 3rd quarter valued at about $653,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in EVgo by 9.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 122,945 shares of the company’s stock worth $509,000 after acquiring an additional 10,532 shares during the last quarter. Finally, Blueshift Asset Management LLC bought a new stake in shares of EVgo during the third quarter worth approximately $80,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.