EVgo (NASDAQ:EVGO) Shares Up 7.8% – Still a Buy?

Shares of EVgo Inc. (NASDAQ:EVGO) shot up 7.8% on Wednesday . The stock traded as high as $2.0850 and last traded at $2.0910. 1,694,511 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 4,074,450 shares. The stock had previously closed at $1.94.

Analysts Set New Price Targets

Several brokerages recently weighed in on EVGO. Stifel Nicolaus cut their target price on shares of EVgo from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of EVgo in a research note on Wednesday, March 25th. Wall Street Zen downgraded shares of EVgo from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. Benchmark reiterated a “buy” rating on shares of EVgo in a report on Monday, March 2nd. Finally, Royal Bank Of Canada cut their price target on EVgo from $4.50 to $3.00 and set an “outperform” rating for the company in a report on Wednesday, May 6th. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.28.

EVgo Stock Performance

The company has a market cap of $710.89 million, a price-to-earnings ratio of -6.50 and a beta of 2.82. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 5.39. The stock’s 50 day moving average price is $1.96 and its 200 day moving average price is $2.61.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.02. The company had revenue of $109.53 million for the quarter. EVgo’s revenue for the quarter was up 45.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) EPS. On average, analysts expect that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its position in shares of EVgo by 14.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 37,603 shares of the company’s stock worth $179,000 after buying an additional 4,732 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of EVgo by 7.4% during the fourth quarter. Advisors Asset Management Inc. now owns 70,388 shares of the company’s stock worth $205,000 after buying an additional 4,826 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in shares of EVgo by 22.5% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 26,798 shares of the company’s stock worth $78,000 after buying an additional 4,926 shares in the last quarter. Quarry LP grew its position in shares of EVgo by 145.0% during the fourth quarter. Quarry LP now owns 9,307 shares of the company’s stock worth $27,000 after buying an additional 5,508 shares in the last quarter. Finally, DRW Securities LLC grew its position in shares of EVgo by 19.2% during the fourth quarter. DRW Securities LLC now owns 39,655 shares of the company’s stock worth $115,000 after buying an additional 6,389 shares in the last quarter. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

EVgo Company Profile

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.