EVgo (NASDAQ:EVGO) Shares Up 6.6% – Here’s Why

EVgo Inc. (NASDAQ:EVGO)’s share price shot up 6.6% during mid-day trading on Wednesday . The company traded as high as $3.25 and last traded at $3.25. 1,871,278 shares traded hands during trading, a decline of 40% from the average session volume of 3,138,779 shares. The stock had previously closed at $3.05.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. UBS Group lifted their target price on shares of EVgo from $5.40 to $5.90 and gave the stock a “buy” rating in a report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EVgo in a research note on Thursday, January 22nd. Stifel Nicolaus cut their price objective on EVgo from $8.00 to $7.50 and set a “buy” rating for the company in a research report on Tuesday, November 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Tuesday, October 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of EVgo in a research report on Monday, November 17th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $5.82.

EVgo Trading Down 4.1%

The company has a market cap of $927.02 million, a price-to-earnings ratio of -7.72 and a beta of 2.38. The company has a fifty day moving average price of $3.13 and a two-hundred day moving average price of $3.66.

EVgo (NASDAQ:EVGO) last issued its earnings results on Monday, November 10th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.09. The firm had revenue of $92.30 million during the quarter, compared to the consensus estimate of $94.42 million. During the same period last year, the business earned ($0.11) earnings per share. The firm’s revenue for the quarter was up 36.7% compared to the same quarter last year. Sell-side analysts anticipate that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On EVgo

Hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in EVgo by 1,188.1% in the first quarter. AQR Capital Management LLC now owns 494,598 shares of the company’s stock valued at $1,316,000 after acquiring an additional 456,201 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of EVgo by 31.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,339 shares of the company’s stock valued at $222,000 after purchasing an additional 19,883 shares during the period. Millennium Management LLC boosted its position in shares of EVgo by 25.9% in the 1st quarter. Millennium Management LLC now owns 5,819,392 shares of the company’s stock worth $15,480,000 after purchasing an additional 1,195,470 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in shares of EVgo by 51.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 18,695 shares of the company’s stock worth $68,000 after purchasing an additional 6,320 shares during the period. Finally, Ethic Inc. bought a new stake in EVgo in the second quarter valued at about $38,000. Institutional investors own 17.44% of the company’s stock.

About EVgo

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.