EVgo (NASDAQ:EVGO) Hits New 1-Year Low – Time to Sell?

EVgo Inc. (NASDAQ:EVGO) shares reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $1.64 and last traded at $1.66, with a volume of 6966935 shares. The stock had previously closed at $1.72.

Analyst Ratings Changes

A number of brokerages have weighed in on EVGO. Royal Bank Of Canada reduced their price target on shares of EVgo from $7.00 to $4.50 and set an “outperform” rating on the stock in a research report on Wednesday, March 4th. Stifel Nicolaus dropped their price objective on shares of EVgo from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of EVgo in a research note on Thursday, January 22nd. Benchmark restated a “buy” rating on shares of EVgo in a report on Monday, March 2nd. Finally, Cantor Fitzgerald decreased their price target on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, March 4th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.58.

EVgo Stock Performance

The stock has a market cap of $519.71 million, a PE ratio of -5.19 and a beta of 2.63. The stock has a fifty day simple moving average of $2.61 and a two-hundred day simple moving average of $3.30.

EVgo (NASDAQ:EVGO) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The firm had revenue of $118.47 million for the quarter. During the same quarter in the prior year, the company earned ($0.11) EPS. The firm’s revenue for the quarter was up 75.5% on a year-over-year basis. On average, equities analysts predict that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On EVgo

A number of institutional investors have recently added to or reduced their stakes in the company. J. Derek Lewis & Associates Inc. purchased a new position in EVgo in the 4th quarter valued at about $79,000. Hsbc Holdings PLC purchased a new stake in shares of EVgo during the fourth quarter worth about $64,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of EVgo by 9,108.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 18,141 shares of the company’s stock worth $53,000 after acquiring an additional 17,944 shares in the last quarter. Virtu Financial LLC purchased a new position in EVgo in the fourth quarter valued at about $137,000. Finally, Invesco Ltd. boosted its holdings in EVgo by 111.0% in the fourth quarter. Invesco Ltd. now owns 4,424,683 shares of the company’s stock valued at $12,876,000 after purchasing an additional 2,327,545 shares during the last quarter. Institutional investors and hedge funds 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.