EVgo (NASDAQ:EVGO) Stock Crosses Above 50-Day Moving Average – Time to Sell?

EVgo Inc. (NASDAQ:EVGO) shares passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $1.31 and traded as high as $1.95. EVgo shares last traded at $1.85, with a volume of 72,115,711 shares trading hands.

EVgo News Summary

Here are the key news stories impacting EVgo this week:

• Positive Sentiment: LS Power, which controls approximately 56% of EVgo’s combined voting power, proposed purchasing the remaining Class A shares for $2.00 per share in cash. The offer represents a substantial premium to EVgo’s recent trading levels and drove the stock’s strongest advance in roughly two years. EVgo Confirms Receipt of Unsolicited and Non-Binding Take Private Proposal
• Positive Sentiment: Reports said EVgo agreed to be acquired by LS Power for $2 per share, reinforcing takeover speculation and helping the stock approach the proposed consideration. EVgo Agrees to Be Acquired by LS Power Equity Advisors for $2 a Share
• Positive Sentiment: JPMorgan upgraded EVgo from Underweight to Neutral, reducing a source of selling pressure and signaling that the risk-reward profile has improved following the takeover proposal. JPMorgan Upgrades EVgo to Neutral From Underweight
• Neutral Sentiment: Unusually heavy call-option buying indicated speculative bullish positioning, with call volume about 320% above typical levels, but it does not guarantee a transaction or sustained gains.
• Negative Sentiment: EVgo’s proposal is officially described as unsolicited and non-binding, so shareholder approval, negotiations and other conditions could prevent or delay a completed deal. EVgo Acknowledges Receipt of Take Private Proposal
• Negative Sentiment: Separate earnings coverage warned that a strong charging business may not offset a guidance reduction, while analysts expected a decline in earnings. This keeps operational execution and future profitability as risks if takeover enthusiasm fades. EVgo’s Q3 Report Tests Whether A Strong Charging Business Can Offset A Guidance Cut

Analyst Ratings Changes

EVGO has been the topic of a number of recent analyst reports. Cantor Fitzgerald lowered their price target on shares of EVgo from $4.00 to $3.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Evercore reiterated an “outperform” rating and issued a $2.50 price objective on shares of EVgo in a research report on Monday, September 21st. Weiss Ratings upgraded shares of EVgo from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. UBS Group reissued a “buy” rating on shares of EVgo in a research note on Wednesday, October 7th. Finally, Royal Bank Of Canada dropped their target price on EVgo from $3.00 to $2.50 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, EVgo presently has an average rating of “Hold” and a consensus target price of $2.93.

EVgo Trading Up 46.8%

The firm has a market capitalization of $581.86 million, a price-to-earnings ratio of -4.62 and a beta of 2.87. The company has a debt-to-equity ratio of 5.39, a quick ratio of 2.19 and a current ratio of 2.19. The company has a 50 day moving average price of $1.31 and a two-hundred day moving average price of $1.93.

EVgo (NASDAQ:EVGO) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.03. The company had revenue of $82.65 million during the quarter. The business’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) earnings per share. On average, research analysts forecast that EVgo Inc. will post -0.50 EPS for the current year.

Institutional Trading of EVgo

Institutional investors have recently modified their holdings of the stock. State Street Corp raised its position in shares of EVgo by 1.3% during the 2nd quarter. State Street Corp now owns 6,371,895 shares of the company’s stock worth $12,170,000 after purchasing an additional 80,946 shares during the last quarter. Renaissance Technologies LLC lifted its stake in EVgo by 31.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,192,933 shares of the company’s stock valued at $2,052,000 after buying an additional 288,100 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in EVgo by 89.4% in the 1st quarter. Lazard Asset Management LLC now owns 652,657 shares of the company’s stock worth $1,123,000 after buying an additional 307,984 shares during the last quarter. Tidal Investments LLC boosted its holdings in EVgo by 2,675.5% in the 2nd quarter. Tidal Investments LLC now owns 331,891 shares of the company’s stock worth $634,000 after buying an additional 319,933 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in EVgo during the 2nd quarter worth approximately $149,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

EVgo Company Profile

EVgo, Inc (NASDAQ: EVGO) operates a public electric vehicle charging network in the United States. The company develops, owns and operates fast-charging stations designed primarily for passenger vehicles, providing drivers with access to charging at shopping centers, grocery stores, retail locations, workplaces and other convenient destinations.

EVgo’s services include on-demand charging through its network and mobile app, as well as features such as payment processing, station availability information and vehicle-to-charger connectivity.