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

EVgo, Inc. (NYSE:EVGO) shares gapped up before the market opened on Tuesday following a better than expected earnings announcement. 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 trading hands.

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

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Olga Shevorenkova sold 19,363 shares of the business’s 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 sale, the chief financial officer now owns 81,991 shares in the company, valued at $245,973. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 56,230 shares of company stock worth $167,409 over the last three months. 66.96% of the stock is owned by insiders.

Hedge Funds Weigh In On EVgo

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in EVgo by 4.6% during the third quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock valued at $32,114,000 after buying an additional 421,704 shares during the period. Wellington Management Group LLP lifted its stake in shares of EVgo by 34.9% during the 4th quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after purchasing an additional 951,272 shares during the last quarter. Bank of New York Mellon Corp boosted its position in EVgo by 47.8% during the third quarter. Bank of New York Mellon Corp now owns 330,856 shares of the company’s stock valued at $1,118,000 after purchasing an additional 107,029 shares in the last quarter. Atria Wealth Solutions Inc. boosted its position in EVgo by 3.2% during 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 in the last quarter. Finally, Dark Forest Capital Management LP boosted its stake in EVgo by 1,862.2% in the third quarter. Dark Forest Capital Management LP now owns 244,722 shares of the company’s stock valued at $827,000 after acquiring an additional 232,250 shares in the last quarter. Institutional investors own 17.44% of the company’s stock.

EVgo Stock Up 13.7 %

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

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.