EVgo (NYSE:EVGO) Shares Gap Up on Better-Than-Expected Earnings

EVgo, Inc. (NYSE:EVGO) shares gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 changing hands.

The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.02. The firm had revenue of $55.16 million during the quarter, compared to analyst estimates of $52.41 million. During the same period in the previous year, the company earned ($0.09) earnings per share. EVgo’s revenue was up 118.0% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Evercore ISI cut their price target on shares of EVgo from $9.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, March 7th. Citigroup decreased their price target on EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research note on Wednesday. Cantor Fitzgerald upgraded EVgo from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $5.00 to $4.00 in a research report on Thursday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $4.00 price target on shares of EVgo in a report on Friday, April 5th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $4.88.

Insider Buying and Selling at EVgo

In other EVgo news, President Dennis G. Kish sold 34,717 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total value of $104,151.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other EVgo news, President Dennis G. Kish sold 34,717 shares of the firm’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 value of $104,151.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Olga Shevorenkova sold 19,363 shares of the company’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 value of $58,089.00. Following the completion of the sale, the chief financial officer now owns 81,991 shares of the company’s stock, valued at $245,973. The disclosure for this sale can be found here. Insiders sold 56,230 shares of company stock valued at $167,409 over the last quarter. 66.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of EVGO. Swiss National Bank increased its position in EVgo by 1.9% during the third quarter. Swiss National Bank now owns 222,100 shares of the company’s stock worth $751,000 after purchasing an additional 4,100 shares during the last quarter. Voisard Asset Management Group Inc. purchased a new stake in shares of EVgo during the 4th quarter valued at approximately $29,000. Barclays PLC lifted its holdings in EVgo by 7.6% in the third quarter. Barclays PLC now owns 114,829 shares of the company’s stock valued at $389,000 after acquiring an additional 8,134 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in EVgo by 43.2% during the third quarter. State Board of Administration of Florida Retirement System now owns 29,160 shares of the company’s stock worth $99,000 after acquiring an additional 8,800 shares during the last quarter. Finally, Atria Wealth Solutions Inc. raised its position in EVgo by 3.2% in the fourth quarter. Atria Wealth Solutions Inc. now owns 288,368 shares of the company’s stock valued at $1,032,000 after purchasing an additional 8,879 shares during the period. Hedge funds and other institutional investors own 17.44% of the company’s stock.

EVgo Stock Performance

The company has a 50 day moving average price of $2.23 and a 200 day moving average price of $2.60. The firm has a market cap of $600.02 million, a price-to-earnings ratio of -4.13 and a beta of 2.53.

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.