EVgo (NASDAQ:EVGO) Stock Price Up 7.5% – Still a Buy?

EVgo, Inc. (NASDAQ:EVGO) rose 7.5% on Monday . The company traded as high as $2.58 and last traded at $2.58. Approximately 312,991 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 4,430,897 shares. The stock had previously closed at $2.40.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EVGO. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price target on EVgo from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. UBS Group cut their target price on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, January 27th. Finally, Stifel Nicolaus dropped their price objective on shares of EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $6.11.

EVgo Trading Down 0.8 %

The firm has a market cap of $784.19 million, a price-to-earnings ratio of -6.10 and a beta of 2.37. The firm’s 50 day simple moving average is $3.08 and its two-hundred day simple moving average is $4.80.

EVgo (NASDAQ:EVGO) last released its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The business had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. As a group, equities research analysts anticipate that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Activity

In related news, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the sale, the president now owns 95,986 shares of the company’s stock, valued at approximately $327,312.26. This trade represents a 31.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 66.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On EVgo

Several institutional investors have recently modified their holdings of EVGO. Mariner LLC purchased a new position in EVgo in the 4th quarter valued at approximately $48,000. FORA Capital LLC bought a new stake in shares of EVgo in the 4th quarter worth approximately $56,000. SCP Investment LP bought a new position in shares of EVgo during the fourth quarter valued at about $60,000. Clear Harbor Asset Management LLC bought a new position in EVgo during the 4th quarter worth approximately $72,000. Finally, Polymer Capital Management US LLC purchased a new position in shares of EVgo in the fourth quarter worth $73,000. 17.44% of the stock is owned by institutional investors.

About EVgo

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.