Shares of EVgo Inc. (NASDAQ:EVGO – Get Free Report) gapped up prior to trading on Monday. The stock had previously closed at $1.26, but opened at $1.82. EVgo shares last traded at $1.9250, with a volume of 38,705,456 shares trading hands.
EVgo News Summary
Here are the key news stories impacting EVgo this week:
- Positive Sentiment: LS Power’s $2.00-per-share cash proposal offers a premium to EVgo’s recent trading level and is the main catalyst behind the rally. LS Power holds about 56% of the company’s combined voting power. EVgo confirms receipt of take-private proposal
- Neutral Sentiment: JPMorgan raised its rating from underweight to neutral, a more favorable view, though it stopped short of recommending the shares. JPMorgan upgrades EVgo to neutral
- Negative Sentiment: Cantor Fitzgerald cut its rating from overweight to neutral and lowered its price target from $3 to $2, suggesting less perceived upside and aligning its target with LS Power’s offer. The bid’s non-binding status also leaves deal completion uncertain.
Analyst Ratings Changes
EVGO has been the topic of a number of analyst reports. Roth Capital set a $2.00 price target on EVgo in a research note on Monday, August 10th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Wednesday, August 5th. UBS Group reiterated a “buy” rating on shares of EVgo in a report on Wednesday, October 7th. Evercore reiterated an “outperform” rating and issued a $2.50 price target on shares of EVgo in a research note on Monday, September 21st. Finally, JPMorgan Chase & Co. downgraded shares of EVgo from a “neutral” rating to an “underweight” rating in a research report on Tuesday, July 21st. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, EVgo presently has an average rating of “Hold” and an average target price of $2.79.
Check Out Our Latest Stock Report on EVgo
EVgo Price Performance
The firm has a market cap of $575.57 million, a PE ratio of -4.57 and a beta of 2.87. The firm has a fifty day simple moving average of $1.32 and a two-hundred day simple moving average of $1.92. The company has a debt-to-equity ratio of 5.39, a quick ratio of 2.19 and a current ratio of 2.19.
EVgo (NASDAQ:EVGO – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.03. The business had revenue of $82.65 million during the quarter. During the same quarter last year, the firm posted ($0.10) EPS. The business’s revenue for the quarter was down 15.7% on a year-over-year basis. Equities analysts predict that EVgo Inc. will post -0.50 EPS for the current fiscal year.
Institutional Trading of EVgo
A number of institutional investors have recently made changes to their positions in EVGO. Kintra Wealth LLC acquired a new stake in shares of EVgo during the second quarter valued at about $25,000. Y Intercept Hong Kong Ltd purchased a new position in EVgo in the first quarter valued at approximately $60,000. Royal Bank of Canada raised its stake in shares of EVgo by 94.4% during the 1st quarter. Royal Bank of Canada now owns 41,038 shares of the company’s stock worth $70,000 after buying an additional 19,929 shares in the last quarter. Cetera Investment Advisers lifted its holdings 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 in the last quarter. Finally, J. Derek Lewis & Associates Inc. grew its position in shares of EVgo by 59.3% in the first quarter. J. Derek Lewis & Associates Inc. now owns 43,000 shares of the company’s stock valued at $74,000 after purchasing an additional 16,000 shares during the period. 17.44% of the stock is owned by institutional investors and hedge funds.
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.
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