EVgo (NYSE:EVGO) Announces Earnings Results

EVgo (NYSE:EVGO) posted its quarterly earnings results on Tuesday. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01), Briefing.com reports. The business had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. The firm’s revenue was up 92.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.09) earnings per share. EVgo updated its FY 2024 guidance to EPS.

EVgo Price Performance

EVGO traded up $0.44 during trading on Wednesday, hitting $5.33. 2,386,972 shares of the stock traded hands, compared to its average volume of 4,507,928. The business has a 50 day moving average price of $6.06 and a 200 day moving average price of $4.00. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -13.25 and a beta of 2.38.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and upped their price objective for the company from $4.00 to $8.50 in a report on Thursday, October 10th. Royal Bank of Canada raised their target price on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Stifel Nicolaus upped their price target on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and raised their price objective for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. 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. According to data from MarketBeat.com, EVgo presently has an average rating of “Buy” and a consensus target price of $6.61.

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.