EVgo (NASDAQ:EVGO) Stock Price Up 6.2% – Should You Buy?

Shares of EVgo, Inc. (NASDAQ:EVGO) shot up 6.2% on Monday . The stock traded as high as $2.79 and last traded at $2.73. 1,324,527 shares were traded during mid-day trading, a decline of 70% from the average session volume of 4,352,182 shares. The stock had previously closed at $2.57.

Wall Street Analyst Weigh In

Several equities analysts have commented on EVGO shares. Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 target price on shares of EVgo in a research note on Wednesday, March 5th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Evercore ISI cut their target price on EVgo from $7.00 to $4.00 and set an “outperform” rating for the company in a research report on Monday, March 31st. UBS Group lowered their price target on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Stifel Nicolaus cut their price objective on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, EVgo presently has an average rating of “Buy” and a consensus target price of $5.78.

EVgo Stock Performance

The stock has a 50-day moving average of $2.83 and a two-hundred day moving average of $4.65. The firm has a market cap of $787.25 million, a price-to-earnings ratio of -6.12 and a beta of 2.28.

EVgo (NASDAQ:EVGO) last announced its earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, topping 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. Sell-side analysts expect that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

Insider Transactions at EVgo

In other EVgo news, President Dennis G. Kish sold 44,184 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the sale, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. This trade represents a 31.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 66.96% of the stock is currently owned by insiders.

Institutional Trading of EVgo

A number of hedge funds have recently made changes to their positions in EVGO. Vanguard Group Inc. increased its stake in EVgo by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock valued at $49,414,000 after buying an additional 2,043,449 shares during the period. D. E. Shaw & Co. Inc. raised its holdings in shares of EVgo by 175.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock worth $20,046,000 after acquiring an additional 3,153,073 shares in the last quarter. Millennium Management LLC raised its holdings in shares of EVgo by 394.4% during the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock worth $18,727,000 after acquiring an additional 3,688,614 shares in the last quarter. State Street Corp boosted its position in EVgo by 25.3% during the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after purchasing an additional 847,777 shares during the last quarter. Finally, SIR Capital Management L.P. increased its position in EVgo by 326.3% in the 4th 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 last quarter. 17.44% of the stock is owned by hedge funds and other 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.