EVgo (NASDAQ:EVGO) Sets New 1-Year Low – Here’s What Happened

EVgo Inc. (NASDAQ:EVGO)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $1.84 and last traded at $1.87, with a volume of 6543558 shares traded. The stock had previously closed at $1.96.

Analyst Ratings Changes

Several research firms recently issued reports on EVGO. Stifel Nicolaus reduced their price target 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. Benchmark reaffirmed a “buy” rating on shares of EVgo in a research note on Monday, March 2nd. Cantor Fitzgerald reduced their price objective on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, March 4th. Royal Bank Of Canada decreased their target price on shares of EVgo from $7.00 to $4.50 and set an “outperform” rating for the company in a research report on Wednesday, March 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of EVgo in a report on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.32.

EVgo Trading Down 4.6%

The business has a 50-day moving average of $2.72 and a 200 day moving average of $3.36. The firm has a market capitalization of $585.46 million, a PE ratio of -5.84 and a beta of 2.63.

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, topping analysts’ consensus estimates of ($0.14) by $0.10. The firm had revenue of $118.47 million for the quarter. EVgo’s revenue was up 75.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.11) earnings per share. On average, sell-side analysts expect that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On EVgo

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. Soros Fund Management LLC boosted its stake in shares of EVgo by 342.2% in the 2nd quarter. Soros Fund Management LLC now owns 4,976,983 shares of the company’s stock worth $18,166,000 after buying an additional 3,851,583 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of EVgo during the third quarter valued at approximately $8,165,000. Federated Hermes Inc. lifted its holdings in EVgo by 211.0% during the third quarter. Federated Hermes Inc. now owns 1,003,689 shares of the company’s stock worth $4,747,000 after acquiring an additional 681,011 shares during the period. Geode Capital Management LLC boosted its position in EVgo by 11.1% in the second quarter. Geode Capital Management LLC now owns 3,147,529 shares of the company’s stock worth $11,490,000 after purchasing an additional 313,335 shares during the last quarter. Finally, Blueshift Asset Management LLC purchased a new position in EVgo in the second quarter worth $638,000. Hedge funds and other 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.