EVgo (NASDAQ:EVGO) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

EVgo (NASDAQ:EVGO) released its quarterly earnings results on Monday. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.04, FiscalAI reports. The firm had revenue of $91.42 million during the quarter. During the same quarter in the prior year, the company posted ($0.09) EPS.

EVgo Stock Performance

NASDAQ:EVGO opened at $1.83 on Monday. The firm’s fifty day simple moving average is $1.34 and its 200 day simple moving average is $1.90. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 5.39. EVgo has a twelve month low of $0.98 and a twelve month high of $3.68. The firm has a market capitalization of $575.56 million, a price-to-earnings ratio of -4.57 and a beta of 2.87.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Evercore reiterated an “outperform” rating and issued a $2.50 price objective on shares of EVgo in a research report on Monday, September 21st. UBS Group cut shares of EVgo from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 3rd. Weiss Ratings raised shares of EVgo from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 6th. Roth Capital set a $2.00 price target on shares of EVgo in a report on Monday, August 10th. Finally, Stifel Nicolaus lowered their price target on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 25th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.79.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Kintra Wealth LLC purchased a new position in EVgo in the 2nd quarter worth approximately $25,000. R Squared Ltd acquired a new position in shares of EVgo during the third quarter worth $48,000. Y Intercept Hong Kong Ltd acquired a new position in shares of EVgo during the first quarter worth $60,000. Royal Bank of Canada boosted its stake in shares of EVgo by 94.4% in the first quarter. Royal Bank of Canada now owns 41,038 shares of the company’s stock valued at $70,000 after purchasing an additional 19,929 shares during the period. Finally, Cetera Investment Advisers boosted its stake in shares of EVgo by 46.3% in the first quarter. Cetera Investment Advisers now owns 42,683 shares of the company’s stock valued at $73,000 after purchasing an additional 13,499 shares during the period. 17.44% of the stock is owned by hedge funds and other institutional investors.

About EVgo

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.