EVgo (NASDAQ:EVGO) Shares Up 8% – Still a Buy?

EVgo, Inc. (NASDAQ:EVGO) shot up 8% during trading on Monday . The stock traded as high as $3.01 and last traded at $2.98. 581,262 shares were traded during trading, a decline of 87% from the average session volume of 4,469,104 shares. The stock had previously closed at $2.76.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Stifel Nicolaus lowered their price target on EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Cantor Fitzgerald restated an “overweight” rating and set a $8.00 target price on shares of EVgo in a report on Wednesday, March 5th. UBS Group cut their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. cut their target price on shares of EVgo from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $6.11.

EVgo Trading Up 1.1 %

The firm has a market cap of $873.02 million, a price-to-earnings ratio of -6.79 and a beta of 2.37. The stock’s 50 day moving average is $2.96 and its 200 day moving average is $4.75.

EVgo (NASDAQ:EVGO) last posted its earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.04. The firm had revenue of $67.51 million during the quarter, compared to analyst estimates of $69.49 million. On average, equities research analysts predict that EVgo, Inc. will post -0.45 EPS for the current year.

Insiders Place Their Bets

In related news, President Dennis G. Kish sold 44,184 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the transaction, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. This represents a 31.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of EVgo by 20.1% during the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock worth $49,414,000 after purchasing an additional 2,043,449 shares during the period. D. E. Shaw & Co. Inc. raised its holdings in EVgo by 175.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock valued at $20,046,000 after acquiring an additional 3,153,073 shares in the last quarter. Millennium Management LLC raised its holdings in EVgo by 394.4% in the 4th quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock valued at $18,727,000 after acquiring an additional 3,688,614 shares in the last quarter. State Street Corp grew its holdings in shares of EVgo by 25.3% during the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after purchasing an additional 847,777 shares in the last quarter. Finally, SIR Capital Management L.P. increased its position in shares of EVgo by 326.3% in the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock worth $14,311,000 after purchasing an additional 2,704,662 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.