EVgo (NYSE:EVGO) Shares Down 7.1% After Insider Selling

EVgo, Inc. (NYSE:EVGOGet Free Report) fell 7.1% on Monday after an insider sold shares in the company. The company traded as low as $1.96 and last traded at $1.97. 1,896,586 shares were traded during mid-day trading, a decline of 26% from the average session volume of 2,551,208 shares. The stock had previously closed at $2.12.

Specifically, CFO Olga Shevorenkova sold 29,772 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $2.26, for a total value of $67,284.72. Following the completion of the sale, the chief financial officer now directly owns 154,989 shares of the company’s stock, valued at approximately $350,275.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 73.48% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

EVGO has been the subject of several research reports. Citigroup reduced their target price on EVgo from $5.25 to $3.50 and set a “neutral” rating for the company in a report on Friday, December 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $5.00 target price on shares of EVgo in a report on Thursday, January 18th. Finally, TD Cowen cut EVgo from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $6.00 to $4.00 in a research report on Wednesday, October 25th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.69.

Check Out Our Latest Stock Report on EVgo

EVgo Stock Performance

The company has a 50-day moving average of $3.00 and a 200-day moving average of $3.31. The stock has a market cap of $646.60 million, a price-to-earnings ratio of -5.27 and a beta of 2.41.

EVgo (NYSE:EVGOGet Free Report) last released its earnings results on Wednesday, November 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.19. The business had revenue of $35.11 million for the quarter, compared to analyst estimates of $29.77 million. During the same quarter in the previous year, the firm posted ($0.19) EPS. The business’s revenue for the quarter was up 234.1% on a year-over-year basis. As a group, equities research analysts forecast that EVgo, Inc. will post -0.86 EPS for the current year.

Hedge Funds Weigh In On EVgo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in EVgo by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock worth $32,114,000 after purchasing an additional 421,704 shares during the period. BlackRock Inc. increased its position in EVgo by 13.3% during the 2nd quarter. BlackRock Inc. now owns 5,691,861 shares of the company’s stock worth $22,767,000 after purchasing an additional 668,889 shares during the period. Allianz Asset Management GmbH acquired a new stake in shares of EVgo in the 1st quarter worth approximately $32,188,000. State Street Corp grew its holdings in shares of EVgo by 13.9% in the 1st quarter. State Street Corp now owns 2,770,437 shares of the company’s stock worth $21,582,000 after acquiring an additional 339,147 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of EVgo by 323.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company’s stock worth $9,207,000 after acquiring an additional 2,080,839 shares during the period. Institutional investors and hedge funds own 15.19% of the company’s stock.

About EVgo

(Get Free Report)

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.

Further Reading

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