EVgo (NYSE:EVGO) Trading Down 9.4% – Here’s What Happened

EVgo, Inc. (NYSE:EVGO)’s share price dropped 9.4% on Wednesday . The company traded as low as $4.03 and last traded at $4.04. Approximately 1,281,603 shares changed hands during trading, a decline of 69% from the average daily volume of 4,073,239 shares. The stock had previously closed at $4.46.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Wednesday, November 13th. Royal Bank of Canada boosted 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. TD Cowen raised EVgo from a “hold” rating to a “buy” rating and raised their target price for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, Stifel Nicolaus upped their price target on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Two 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 company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Price Performance

The business’s 50 day simple moving average is $5.52 and its 200-day simple moving average is $4.94. The stock has a market capitalization of $1.23 billion, a P/E ratio of -9.67 and a beta of 2.35.

EVgo (NYSE:EVGO) last posted its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.09) EPS. Research analysts anticipate that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In related news, President Dennis G. Kish sold 17,379 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the transaction, the president now directly owns 13,655 shares in the company, valued at approximately $58,989.60. This trade represents a 56.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the sale, the director now owns 5,882,352 shares in the company, valued at $29,411,760. The trade was a 79.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,184,104 shares of company stock valued at $115,932,044 over the last 90 days. 66.96% of the stock is owned by company insiders.

Institutional Investors Weigh In On EVgo

Several large investors have recently made changes to their positions in EVGO. State Street Corp lifted its position in shares of EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after buying an additional 847,777 shares during the last quarter. Geode Capital Management LLC boosted its position in EVgo by 3.9% during the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after purchasing an additional 90,887 shares during the period. Marshall Wace LLP increased its holdings in shares of EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of EVgo during the 2nd quarter worth about $1,749,000. Finally, HITE Hedge Asset Management LLC boosted its holdings in shares of EVgo by 105.0% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 413,906 shares of the company’s stock worth $1,714,000 after buying an additional 212,004 shares during the period. 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.