EVgo (NYSE:EVGO) Shares Gap Up Following Insider Buying Activity

EVgo, Inc. (NYSE:EVGO)’s stock price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $1.95, but opened at $2.08. EVgo shares last traded at $2.27, with a volume of 2,118,251 shares traded.

Specifically, CEO Badar Khan bought 125,000 shares of the stock in a transaction dated Monday, May 13th. The stock was acquired at an average price of $2.01 per share, for a total transaction of $251,250.00. Following the completion of the purchase, the chief executive officer now owns 143,874 shares in the company, valued at $289,186.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Badar Khan bought 125,000 shares of the stock in a transaction dated Monday, May 13th. The stock was acquired at an average price of $2.01 per share, for a total transaction of $251,250.00. Following the completion of the purchase, the chief executive officer now owns 143,874 shares in the company, valued at $289,186.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Olga Shevorenkova sold 19,363 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total value of $58,089.00. Following the completion of the sale, the chief financial officer now owns 81,991 shares of the company’s stock, valued at approximately $245,973. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,230 shares of company stock worth $167,409. 66.96% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

EVGO has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Wednesday, May 8th. Cantor Fitzgerald upgraded EVgo from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $5.00 to $4.00 in a research note on Thursday, May 9th. Citigroup lowered their price objective on EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Evercore ISI lowered their price objective on EVgo from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $4.00 target price on shares of EVgo in a report on Friday, April 5th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.75.

EVgo Stock Performance

The business has a fifty day simple moving average of $2.15 and a 200 day simple moving average of $2.60. The company has a market cap of $711.59 million, a P/E ratio of -6.21 and a beta of 2.53.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.02. The company had revenue of $55.16 million during the quarter, compared to the consensus estimate of $52.41 million. The company’s revenue for the quarter was up 118.0% on a year-over-year basis. During the same period last year, the business posted ($0.09) EPS. Equities research analysts expect that EVgo, Inc. will post -0.38 EPS for the current year.

Institutional Trading of EVgo

Several hedge funds have recently made changes to their positions in EVGO. Wellington Management Group LLP lifted 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 purchasing an additional 2,080,839 shares during the last quarter. Vanguard Group Inc. raised its stake in EVgo by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock valued at $32,114,000 after acquiring an additional 421,704 shares in the last quarter. Capula Management Ltd bought a new stake in EVgo during the 3rd quarter valued at $797,000. Dark Forest Capital Management LP raised its stake in EVgo by 1,862.2% during the 3rd quarter. Dark Forest Capital Management LP now owns 244,722 shares of the company’s stock valued at $827,000 after acquiring an additional 232,250 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in EVgo during the 3rd quarter valued at $774,000. Institutional investors 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.