EVgo (NYSE:EVGO) Shares Gap Up After Earnings Beat

EVgo, Inc. (NYSE:EVGO) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $1.99, but opened at $2.08. EVgo shares last traded at $2.00, with a volume of 1,372,012 shares.

The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The company had revenue of $55.16 million for the quarter, compared to the consensus estimate of $52.41 million. During the same period in the previous year, the company earned ($0.09) EPS. The firm’s revenue for the quarter was up 118.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Citigroup lowered their target price on EVgo from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Thursday. Evercore ISI dropped their price objective on shares of EVgo from $9.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, March 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and set a $4.00 price objective on shares of EVgo in a report on Friday, April 5th. Finally, Cantor Fitzgerald raised shares of EVgo from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $5.00 to $4.00 in a report on Thursday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.88.

Insider Activity

In other EVgo news, President Dennis G. Kish sold 34,717 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total transaction of $104,151.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, President Dennis G. Kish sold 34,717 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total transaction of $104,151.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Olga Shevorenkova sold 19,363 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total transaction of $58,089.00. Following the completion of the sale, the chief financial officer now owns 81,991 shares in the company, valued at $245,973. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,230 shares of company stock valued at $167,409. 66.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Voisard Asset Management Group Inc. bought a new stake in EVgo during the fourth quarter worth about $29,000. Headlands Technologies LLC bought a new position in shares of EVgo in the 3rd quarter valued at $32,000. Verdence Capital Advisors LLC acquired a new position in EVgo during the third quarter worth about $34,000. Sigma Planning Corp bought a new position in EVgo in the 3rd quarter valued at approximately $36,000. Finally, Sippican Capital Advisors acquired a new stake in shares of EVgo during the 4th quarter valued at $43,000. 17.44% of the stock is owned by institutional investors and hedge funds.

EVgo Price Performance

The company has a fifty day moving average price of $2.23 and a two-hundred day moving average price of $2.60. The company has a market capitalization of $600.02 million, a P/E ratio of -4.13 and a beta of 2.53.

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.