EVgo (NASDAQ:EVGO) Sets New 12-Month Low – Time to Sell?

EVgo Inc. (NASDAQ:EVGO)’s share price reached a new 52-week low on Thursday . The stock traded as low as $1.92 and last traded at $1.93, with a volume of 7174596 shares. The stock had previously closed at $2.06.

Analyst Ratings Changes

EVGO has been the topic of a number of research analyst reports. Royal Bank Of Canada dropped their target price on shares of EVgo from $7.00 to $4.50 and set an “outperform” rating on the stock in a report on Wednesday, March 4th. Cantor Fitzgerald lowered their price target on EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 4th. Benchmark restated a “buy” rating on shares of EVgo in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EVgo in a research report on Thursday, January 22nd. Finally, Stifel Nicolaus reduced their target price on EVgo from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $5.32.

EVgo Price Performance

The company’s 50-day moving average price is $2.80 and its two-hundred day moving average price is $3.41. The company has a market capitalization of $594.40 million, a P/E ratio of -6.03 and a beta of 2.63.

EVgo (NASDAQ:EVGO) last announced its earnings results on Tuesday, March 3rd. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.10. The company had revenue of $118.47 million for the quarter. During the same period last year, the firm earned ($0.11) earnings per share. The business’s revenue for the quarter was up 75.5% compared to the same quarter last year. On average, analysts anticipate that EVgo Inc. will post -0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EVgo

Several institutional investors and hedge funds have recently made changes to their positions in EVGO. Quarry LP increased its stake in shares of EVgo by 145.0% during the fourth quarter. Quarry LP now owns 9,307 shares of the company’s stock worth $27,000 after purchasing an additional 5,508 shares during the period. Kestra Advisory Services LLC bought a new stake in EVgo in the 4th quarter valued at $27,000. Caitong International Asset Management Co. Ltd grew its holdings in EVgo by 4,903.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 9,856 shares of the company’s stock valued at $29,000 after buying an additional 9,659 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in EVgo in the 4th quarter valued at $32,000. Finally, Fullerton Advisors LLC bought a new position in EVgo during the 4th quarter worth $36,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

EVgo Company Profile

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.