EVgo (NYSE:EVGO) Shares Gap Up – What’s Next?

EVgo, Inc. (NYSE:EVGO) shares gapped up before the market opened on Friday . The stock had previously closed at $6.22, but opened at $6.79. EVgo shares last traded at $6.25, with a volume of 3,667,708 shares changing hands.

Analysts Set New Price Targets

EVGO has been the subject of a number of research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price target on shares of EVgo in a report on Monday, September 30th. JPMorgan Chase & Co. raised EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Thursday, October 3rd. Royal Bank of Canada upped their price target on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, November 13th. Finally, Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $6.61.

EVgo Price Performance

The stock has a market cap of $1.85 billion, a price-to-earnings ratio of -14.50 and a beta of 2.24. The firm has a 50 day simple moving average of $6.86 and a two-hundred day simple moving average of $4.65.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The company had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. During the same quarter last year, the company earned ($0.09) EPS. EVgo’s revenue for the quarter was up 92.3% compared to the same quarter last year. On average, sell-side analysts expect that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other EVgo news, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the transaction, the chief executive officer now directly owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Institutional investors have recently modified their holdings of the business. Legacy Capital Wealth Partners LLC bought a new stake in EVgo in the 2nd quarter valued at $27,000. International Assets Investment Management LLC acquired a new stake in shares of EVgo in the 3rd quarter valued at about $51,000. Creative Planning lifted its holdings in shares of EVgo by 32.7% in the third quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after purchasing an additional 3,297 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of EVgo during the second quarter worth about $45,000. Finally, Blueshift Asset Management LLC bought a new position in shares of EVgo during the third quarter worth about $80,000. Institutional investors own 17.44% of the company’s stock.

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.