EVgo (NYSE:EVGO) Releases Earnings Results, Beats Expectations By $0.05 EPS

EVgo (NYSE:EVGO) posted its quarterly earnings results on Wednesday. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.05, MarketWatch Earnings reports. The business had revenue of $50.00 million for the quarter, compared to analyst estimates of $44.39 million. During the same period in the previous year, the firm posted ($0.06) earnings per share. The firm’s quarterly revenue was up 83.2% on a year-over-year basis. EVgo updated its FY 2024 guidance to EPS.

EVgo Stock Down 7.9 %

EVgo stock opened at $2.78 on Friday. The business has a 50 day moving average price of $2.67 and a two-hundred day moving average price of $3.04. The stock has a market cap of $832.19 million, a price-to-earnings ratio of -5.91 and a beta of 2.50. EVgo has a 12 month low of $1.88 and a 12 month high of $8.16.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on EVGO shares. Royal Bank of Canada upgraded EVgo from a “sector perform” rating to an “outperform” rating and decreased their price target for the stock from $5.00 to $4.00 in a research note on Thursday. Evercore ISI decreased their price target on EVgo from $9.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday. Citigroup cut their price objective on EVgo from $5.25 to $3.50 and set a “neutral” rating for the company in a research report on Friday, December 8th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $5.00 price objective on shares of EVgo in a research report on Thursday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.19.

Insider Buying and Selling at EVgo

In other news, CFO Olga Shevorenkova sold 19,363 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total value of $58,089.00. Following the completion of the transaction, the chief financial officer now directly owns 81,991 shares of the company’s stock, valued at approximately $245,973. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Olga Shevorenkova sold 19,363 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total value of $58,089.00. Following the completion of the transaction, the chief financial officer now directly owns 81,991 shares of the company’s stock, valued at approximately $245,973. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Dennis G. Kish sold 34,717 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total value of $104,151.00. The disclosure for this sale can be found here. Insiders sold a total of 83,852 shares of company stock valued at $229,525 in the last quarter. Corporate insiders own 74.52% of the company’s stock.

Institutional Investors Weigh In On EVgo

A number of large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its position in EVgo by 34.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 56,759 shares of the company’s stock worth $204,000 after acquiring an additional 14,597 shares during the last quarter. Barclays PLC grew its position in EVgo by 23.7% during the 4th quarter. Barclays PLC now owns 142,070 shares of the company’s stock worth $509,000 after acquiring an additional 27,241 shares during the last quarter. Vanguard Group Inc. boosted its position in EVgo by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 9,661,554 shares of the company’s stock valued at $34,588,000 after buying an additional 160,227 shares during the last quarter. Nuveen Asset Management LLC boosted its position in EVgo by 153.9% in the 4th quarter. Nuveen Asset Management LLC now owns 582,351 shares of the company’s stock valued at $2,085,000 after buying an additional 352,962 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in EVgo by 71.8% in the 4th quarter. Royal Bank of Canada now owns 37,061 shares of the company’s stock valued at $133,000 after buying an additional 15,489 shares during the last quarter. 15.19% of the stock is currently owned by 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.