EVgo (NYSE:EVGO) Shares Gap Down – Here’s Why

Shares of EVgo, Inc. (NYSE:EVGO) gapped down prior to trading on Wednesday . The stock had previously closed at $7.51, but opened at $6.72. EVgo shares last traded at $6.74, with a volume of 2,226,449 shares trading hands.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Stifel Nicolaus upped their price objective on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada raised their price objective on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. Finally, UBS Group raised shares of EVgo from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $6.61.

EVgo Trading Down 11.2 %

The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -16.75 and a beta of 2.38. The stock’s fifty day moving average price is $5.92 and its two-hundred day moving average price is $3.86.

Insider Buying and Selling at EVgo

In related news, President Dennis G. Kish sold 16,414 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the transaction, the president now directly owns 47,614 shares of the company’s stock, valued at $171,410.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Francine Sullivan sold 12,584 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the sale, the insider now directly owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the transaction, the president now directly owns 47,614 shares in the company, valued at $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Legacy Capital Wealth Partners LLC purchased a new position in shares of EVgo during the second quarter worth about $27,000. Bleakley Financial Group LLC purchased a new position in shares of EVgo in the 1st quarter valued at approximately $36,000. SG Americas Securities LLC acquired a new position in shares of EVgo in the first quarter valued at approximately $41,000. Point72 DIFC Ltd purchased a new stake in shares of EVgo during the second quarter worth approximately $45,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of EVgo during the third quarter worth $51,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.