EVgo (NASDAQ:EVGO) Trading 8% Higher – Time to Buy?

Shares of EVgo, Inc. (NASDAQ:EVGO) traded up 8% during mid-day trading on Monday . The stock traded as high as $3.01 and last traded at $2.98. 581,262 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 4,469,104 shares. The stock had previously closed at $2.76.

Analysts Set New Price Targets

EVGO has been the subject of a number of research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 price target on shares of EVgo in a research note on Wednesday, March 5th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price objective on shares of EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. Stifel Nicolaus cut their price objective on shares of EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Finally, UBS Group cut their price objective on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, EVgo has an average rating of “Buy” and a consensus target price of $6.11.

EVgo Price Performance

The firm has a market capitalization of $922.03 million, a P/E ratio of -7.17 and a beta of 2.37. The stock’s fifty day simple moving average is $3.00 and its 200 day simple moving average is $4.77.

EVgo (NASDAQ:EVGO) last announced its earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The firm had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. As a group, sell-side analysts forecast that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other EVgo news, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the transaction, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 66.96% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On EVgo

Several hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System increased its holdings in shares of EVgo by 1,198.5% during the fourth quarter. California State Teachers Retirement System now owns 94,761 shares of the company’s stock valued at $384,000 after acquiring an additional 87,463 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of EVgo during the fourth quarter valued at about $1,001,000. Voloridge Investment Management LLC acquired a new position in shares of EVgo during the fourth quarter valued at about $5,682,000. Two Sigma Advisers LP increased its holdings in shares of EVgo by 2,533.6% during the fourth quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock valued at $10,101,000 after acquiring an additional 2,399,300 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in shares of EVgo by 296.4% during the fourth quarter. Two Sigma Investments LP now owns 2,720,342 shares of the company’s stock valued at $11,017,000 after acquiring an additional 2,034,045 shares in the last quarter. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.