EVgo (NASDAQ:EVGO) Stock Price Up 6.6% – Should You Buy?

EVgo Inc. (NASDAQ:EVGO) traded up 6.6% during trading on Wednesday . The company traded as high as $3.25 and last traded at $3.25. 1,871,278 shares were traded during mid-day trading, a decline of 40% from the average session volume of 3,138,779 shares. The stock had previously closed at $3.05.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. UBS Group raised their price target on EVgo from $5.40 to $5.90 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Stifel Nicolaus cut their target price on shares of EVgo from $8.00 to $7.50 and set a “buy” rating on the stock in a report on Tuesday, November 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EVgo in a research report on Thursday, January 22nd. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Tuesday, October 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of EVgo in a report on Monday, November 17th. Six 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.82.

EVgo Stock Performance

The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -8.54 and a beta of 2.38. The business’s 50 day simple moving average is $3.11 and its 200-day simple moving average is $3.67.

EVgo (NASDAQ:EVGO) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.09. The business had revenue of $92.30 million for the quarter, compared to the consensus estimate of $94.42 million. During the same period last year, the firm posted ($0.11) EPS. The business’s quarterly revenue was up 36.7% on a year-over-year basis. As a group, sell-side analysts expect that EVgo Inc. will post -0.45 EPS for the current year.

Institutional Investors Weigh In On EVgo

Several hedge funds have recently made changes to their positions in EVGO. Soros Fund Management LLC lifted its position in shares of EVgo by 342.2% during the second quarter. Soros Fund Management LLC now owns 4,976,983 shares of the company’s stock worth $18,166,000 after purchasing an additional 3,851,583 shares in the last quarter. AXQ Capital LP acquired a new stake in shares of EVgo in the second quarter valued at approximately $382,000. Geode Capital Management LLC raised its position in EVgo by 11.1% in the 2nd 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. Ethic Inc. acquired a new position in EVgo during the 2nd quarter worth $38,000. Finally, Carnegie Investment Counsel bought a new position in EVgo in the 2nd quarter valued at $52,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

EVgo Company Profile

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.