EVgo (NYSE:EVGO) Hits New 12-Month High – Should You Buy?

by · The Markets Daily

EVgo, Inc. (NYSE:EVGO – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $8.24 and last traded at $8.24, with a volume of 2831840 shares changing hands. The stock had previously closed at $7.63.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on EVGO shares. Benchmark upped their price objective on EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Friday, July 12th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and upped their price objective for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Thursday, August 29th. Stifel Nicolaus reduced their price objective on EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, Capital One Financial upgraded EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $6.17.

Check Out Our Latest Stock Report on EVgo

EVgo Stock Up 8.3 %

The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of -21.37 and a beta of 2.58. The company has a 50 day moving average of $4.60 and a 200 day moving average of $3.21.

EVgo (NYSE:EVGO – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01. The firm had revenue of $66.62 million for the quarter, compared to analyst estimates of $59.40 million. The business’s revenue was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.08) earnings per share. On average, research analysts forecast that EVgo, Inc. will post -0.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 16,414 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the sale, the president now owns 47,614 shares in the company, valued at approximately $171,410.40. This trade represents a 0.00 % 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 link. In related news, insider Francine Sullivan sold 12,584 shares of EVgo stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $45,302.40. Following the sale, the insider now owns 117,327 shares of the company’s stock, valued at $422,377.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the transaction, the president now directly owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by insiders.

Institutional Trading of EVgo

Hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace LLP increased its position in shares of EVgo by 66.4% in the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after purchasing an additional 651,475 shares during the last quarter. Vanguard Group Inc. raised its stake in EVgo by 0.4% during the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock valued at $24,344,000 after buying an additional 37,168 shares in the last quarter. Wellington Management Group LLP lifted its holdings in EVgo by 34.9% during the 4th quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after buying an additional 951,272 shares during the last quarter. Bleakley Financial Group LLC bought a new position in shares of EVgo during the first quarter worth about $36,000. Finally, Tidal Investments LLC boosted its stake in EVgo by 32.2% during the 1st quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock valued at $798,000 after purchasing an additional 77,354 shares during the period. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Company Profile

(Get Free Report)

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.

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