EVgo (NASDAQ:EVGO) Hits New 52-Week Low – Here’s Why

Shares of EVgo Inc. (NASDAQ:EVGO) reached a new 52-week low on Friday . The company traded as low as $2.05 and last traded at $2.08, with a volume of 3963194 shares changing hands. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

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

EVgo Trading Down 1.0%

The stock has a market cap of $640.60 million, a PE ratio of -6.50 and a beta of 2.63. The firm has a fifty day simple moving average of $2.87 and a two-hundred day simple moving average of $3.46.

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

Hedge Funds Weigh In On EVgo

A number of institutional investors have recently made changes to their positions in EVGO. Ameritas Investment Partners Inc. lifted its holdings in shares of EVgo by 27.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,089 shares of the company’s stock worth $48,000 after acquiring an additional 2,847 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in EVgo by 14.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 37,603 shares of the company’s stock valued at $179,000 after acquiring an additional 4,732 shares during the last quarter. Advisors Asset Management Inc. increased its stake in EVgo by 7.4% in the fourth quarter. Advisors Asset Management Inc. now owns 70,388 shares of the company’s stock valued at $205,000 after acquiring an additional 4,826 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in EVgo by 22.5% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 26,798 shares of the company’s stock valued at $78,000 after purchasing an additional 4,926 shares in the last quarter. Finally, Quarry LP lifted its stake in 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 last quarter. Institutional investors 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.