EVgo (NASDAQ:EVGO) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS
EVgo (NASDAQ:EVGO) reported quarterly earnings of ($0.10) EPS, exceeding analysts' expectations of ($0.13) by $0.03. Revenue increased by 47.1% year-over-year. The stock rose 0.6% to $3.55, with a market cap of $1.09 billion. Analysts have a consensus rating of "Buy" with a target price of $6.13. Recent insider trading saw President Dennis G. Kish sell 73,215 shares. Institutional investors have also increased their stakes in the company, which operates a fast charging network for electric vehicles in the U.S.
EVgo (NASDAQ:EVGO - Get Free Report) posted its earnings results on Tuesday. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.03, Zacks reports. During the same quarter last year, the company earned ($0.10) EPS. The company's revenue for the quarter was up 47.1% compared to the same quarter last year. EVgo updated its FY 2025 guidance to EPS.
EVgo Stock Up 0.6%
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EVGO stock traded up $0.02 during midday trading on Tuesday, reaching $3.55. 10,958,915 shares of the company's stock traded hands, compared to its average volume of 4,480,091. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -8.66 and a beta of 2.33. The firm's fifty day moving average price is $3.79 and its 200-day moving average price is $3.25. EVgo has a 52 week low of $2.19 and a 52 week high of $9.07.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on EVGO shares. Morgan Stanley set a $4.00 target price on shares of EVgo and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. JPMorgan Chase & Co. restated an "overweight" rating on shares of EVgo in a research report on Thursday, May 8th. Finally, Roth Capital restated a "buy" rating on shares of EVgo in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $6.13.
- The Squeeze Is On For EVGo, Rally To Follow
Read Our Latest Research Report on EVgo
Insider Buying and Selling
In other EVgo news, President Dennis G. Kish sold 73,215 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total transaction of $270,163.35. Following the completion of the sale, the president owned 72,269 shares in the company, valued at approximately $266,672.61. The trade was a 50.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 58.79% of the company's stock.
Institutional Trading of EVgo
- EVgo Stock is Charged Up to Ride the EV Adoption Wave
Institutional investors have recently made changes to their positions in the company. Millennium Management LLC grew its stake in shares of EVgo by 25.9% in the 1st quarter. Millennium Management LLC now owns 5,819,392 shares of the company's stock worth $15,480,000 after acquiring an additional 1,195,470 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of EVgo by 1,188.1% in the 1st quarter. AQR Capital Management LLC now owns 494,598 shares of the company's stock worth $1,316,000 after acquiring an additional 456,201 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of EVgo by 31.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,339 shares of the company's stock worth $222,000 after acquiring an additional 19,883 shares in the last quarter. Institutional investors own 17.44% of the company's stock.
About EVgo
(Get Free Report)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.
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