EVgo (NYSE:EVGO) Shares Gap Down to $5.73

Posted by on May 19th, 2023

EVgo, Inc. (NYSE:EVGO – Get Rating) shares gapped down before the market opened on Wednesday . The stock had previously closed at $5.73, but opened at $5.15. EVgo shares last traded at $4.90, with a volume of 2,050,600 shares trading hands.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EVGO. JPMorgan Chase & Co. cut EVgo from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $10.00 to $6.00 in a research report on Thursday, January 26th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of EVgo in a research report on Friday, March 31st. Evercore ISI lowered their price objective on EVgo from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Friday, March 31st. Finally, Stifel Nicolaus began coverage on EVgo in a research report on Tuesday. They issued a “buy” rating and a $9.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, EVgo currently has a consensus rating of “Moderate Buy” and an average price target of $9.50.

EVgo Price Performance

The company has a market cap of $1.10 billion, a price-to-earnings ratio of -11.24 and a beta of 2.00. The business has a 50 day simple moving average of $6.00 and a 200 day simple moving average of $5.93.

EVgo (NYSE:EVGO – Get Rating) last posted its quarterly earnings data on Thursday, March 30th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $27.30 million during the quarter, compared to analyst estimates of $20.16 million. During the same period in the prior year, the firm posted $0.06 EPS. EVgo’s revenue for the quarter was up 284.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that EVgo, Inc. will post -0.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EVgo

Several large investors have recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. acquired a new position in shares of EVgo during the first quarter valued at $103,000. Jane Street Group LLC lifted its stake in shares of EVgo by 336.6% during the first quarter. Jane Street Group LLC now owns 251,987 shares of the company’s stock valued at $1,963,000 after acquiring an additional 194,277 shares during the period. State Street Corp lifted its stake in shares of EVgo by 13.9% during the first quarter. State Street Corp now owns 2,770,437 shares of the company’s stock valued at $21,582,000 after acquiring an additional 339,147 shares during the period. Snowden Capital Advisors LLC lifted its stake in shares of EVgo by 17.9% during the first quarter. Snowden Capital Advisors LLC now owns 19,790 shares of the company’s stock valued at $154,000 after acquiring an additional 3,000 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of EVgo by 4.9% during the first quarter. Geode Capital Management LLC now owns 1,435,593 shares of the company’s stock valued at $11,183,000 after acquiring an additional 66,995 shares during the period. Institutional investors and hedge funds own 12.95% of the company’s stock.

EVgo Company Profile

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EVgo, Inc owns and operates a direct current fast charging network 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.

Further Reading

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