EVgo (NYSE:EVGO) Shares Down 5.1% After Analyst Downgrade

Posted by on Jun 22nd, 2023

EVgo, Inc. (NYSE:EVGO – Get Rating)’s share price fell 5.1% during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $6.20 to $5.10. The company traded as low as $4.05 and last traded at $4.06. 518,792 shares traded hands during trading, a decline of 84% from the average session volume of 3,150,763 shares. The stock had previously closed at $4.28.

Other analysts have also issued research reports about the stock. Stifel Nicolaus began coverage on shares of EVgo in a research note on Tuesday, May 16th. They set a “buy” rating and a $9.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of EVgo in a research note on Friday, March 31st. Northland Securities decreased their price target on shares of EVgo from $9.00 to $7.00 in a research note on Wednesday, May 24th. Evercore ISI decreased their price target on shares of EVgo from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Friday, March 31st. Finally, Bank of America decreased their price target on shares of EVgo from $7.00 to $1.00 in a research note on Friday, May 19th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.96.

Insider Activity at EVgo

In related news, General Counsel Francine Sullivan sold 11,819 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $4.13, for a total transaction of $48,812.47. Following the completion of the transaction, the general counsel now owns 55,846 shares in the company, valued at $230,643.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other EVgo news, CEO Catherine Zoi sold 60,030 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $3.98, for a total transaction of $238,919.40. Following the sale, the chief executive officer now directly owns 163,796 shares of the company’s stock, valued at $651,908.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Francine Sullivan sold 11,819 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $4.13, for a total transaction of $48,812.47. Following the sale, the general counsel now directly owns 55,846 shares in the company, valued at $230,643.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 143,347 shares of company stock worth $572,076. 73.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On EVgo

Several institutional investors have recently added to or reduced their stakes in EVGO. B. Riley Wealth Advisors Inc. purchased a new stake in shares of EVgo in the first quarter worth about $103,000. Jane Street Group LLC increased its position in shares of EVgo by 336.6% in the first quarter. Jane Street Group LLC now owns 251,987 shares of the company’s stock worth $1,963,000 after purchasing an additional 194,277 shares during the last quarter. State Street Corp increased its position in shares of EVgo by 13.9% in the first quarter. State Street Corp now owns 2,770,437 shares of the company’s stock worth $21,582,000 after purchasing an additional 339,147 shares during the last quarter. Snowden Capital Advisors LLC increased its position in shares of EVgo by 17.9% in the first quarter. Snowden Capital Advisors LLC now owns 19,790 shares of the company’s stock worth $154,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of EVgo by 4.9% in the first quarter. Geode Capital Management LLC now owns 1,435,593 shares of the company’s stock worth $11,183,000 after purchasing an additional 66,995 shares during the last quarter. 13.17% of the stock is owned by hedge funds and other institutional investors.

EVgo Stock Down 5.6 %

The company’s 50-day moving average is $5.01 and its two-hundred day moving average is $5.47. The company has a market capitalization of $1.08 billion, a P/E ratio of -10.92 and a beta of 2.02.

EVgo (NYSE:EVGO – Get Rating) last posted its quarterly earnings data on Tuesday, May 9th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.06. The company had revenue of $25.30 million during the quarter, compared to the consensus estimate of $27.03 million. On average, sell-side analysts predict that EVgo, Inc. will post -0.87 EPS for the current year.

About EVgo

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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.

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