EVgo (NASDAQ:EVGO) Trading 8% Higher – Time to Buy?

Shares of EVgo, Inc. (NASDAQ:EVGO) traded up 8% during mid-day trading on Monday . The company traded as high as $3.01 and last traded at $2.98. 581,262 shares were traded during mid-day trading, a decline of 87% from the average session volume of 4,469,104 shares. The stock had previously closed at $2.76.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EVGO. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target on shares of EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 price target on shares of EVgo in a research report on Wednesday, March 5th. UBS Group reduced their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Stifel Nicolaus reduced their price target on shares of EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $6.11.

EVgo Price Performance

The firm’s 50 day moving average price is $3.00 and its 200-day moving average price is $4.77. The stock has a market cap of $922.03 million, a P/E ratio of -7.17 and a beta of 2.37.

EVgo (NASDAQ:EVGO) last issued its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.04. The firm had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. On average, analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current year.

Insider Activity at EVgo

In related news, President Dennis G. Kish sold 44,184 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the transaction, the president now owns 95,986 shares in the company, valued at $327,312.26. This represents a 31.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 66.96% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mariner LLC purchased a new stake in EVgo during the fourth quarter valued at approximately $48,000. FORA Capital LLC purchased a new stake in EVgo during the fourth quarter valued at approximately $56,000. SCP Investment LP purchased a new stake in EVgo during the fourth quarter valued at approximately $60,000. Clear Harbor Asset Management LLC bought a new stake in shares of EVgo during the 4th quarter valued at $72,000. Finally, Polymer Capital Management US LLC bought a new position in EVgo in the 4th quarter worth $73,000. Institutional investors own 17.44% of the company’s stock.

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.