EVgo (NASDAQ:EVGO) Shares Gap Up on Earnings Beat

EVgo, Inc. (NASDAQ:EVGO) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $2.77, but opened at $3.10. EVgo shares last traded at $3.63, with a volume of 4,931,955 shares traded.

The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.02. EVgo’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period last year, the business posted ($0.09) EPS.

Analyst Upgrades and Downgrades

EVGO has been the subject of several analyst reports. Stifel Nicolaus lowered their price target on shares of EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. UBS Group cut their price target on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $8.00 price objective on shares of EVgo in a research note on Wednesday, March 5th. Finally, Evercore ISI dropped their price objective on EVgo from $7.00 to $4.00 and set an “outperform” rating for the company in a report on Monday, March 31st. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, EVgo presently has a consensus rating of “Buy” and a consensus price target of $5.78.

Hedge Funds Weigh In On EVgo

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock valued at $49,414,000 after buying an additional 2,043,449 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in EVgo by 93.4% in the 4th quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company’s stock worth $4,915,000 after purchasing an additional 586,108 shares during the period. Quantbot Technologies LP bought a new position in EVgo during the 4th quarter worth about $523,000. Geode Capital Management LLC raised its stake in shares of EVgo by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 2,432,183 shares of the company’s stock valued at $9,853,000 after purchasing an additional 12,320 shares during the period. Finally, Crescent Park Management L.P. acquired a new position in shares of EVgo during the fourth quarter worth about $377,000. Institutional investors own 17.44% of the company’s stock.

EVgo Stock Up 32.5 %

The firm has a market capitalization of $1.12 billion, a P/E ratio of -8.74 and a beta of 2.27. The stock has a fifty day moving average of $2.64 and a 200-day moving average of $4.14.

EVgo Company Profile

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.