Stock Traders Purchase High Volume of EVgo Call Options (NASDAQ:EVGO)

EVgo Inc. (NASDAQ:EVGO) saw some unusual options trading activity on Monday. Stock investors bought 4,024 call options on the stock. This represents an increase of 320% compared to the average daily volume of 959 call options.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on EVGO shares. Evercore reaffirmed an “outperform” rating and set a $2.50 price target on shares of EVgo in a report on Monday, September 21st. Roth Capital set a $2.00 price objective on shares of EVgo in a research note on Monday, August 10th. Morgan Stanley set a $2.50 price objective on shares of EVgo in a research note on Thursday, August 6th. Stifel Nicolaus lowered their price objective on shares of EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, August 25th. Finally, Royal Bank Of Canada cut their target price on EVgo from $3.00 to $2.50 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $2.79.

Hedge Funds Weigh In On EVgo

Several large investors have recently bought and sold shares of EVGO. Kintra Wealth LLC acquired a new stake in EVgo during the 2nd quarter worth approximately $25,000. Y Intercept Hong Kong Ltd acquired a new stake in EVgo during the 1st quarter worth about $60,000. Royal Bank of Canada grew its stake in EVgo by 94.4% during the first quarter. Royal Bank of Canada now owns 41,038 shares of the company’s stock worth $70,000 after purchasing an additional 19,929 shares during the period. Cetera Investment Advisers grew its position in shares of EVgo by 46.3% during the 1st quarter. Cetera Investment Advisers now owns 42,683 shares of the company’s stock worth $73,000 after buying an additional 13,499 shares during the period. Finally, J. Derek Lewis & Associates Inc. increased its stake in 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 in the last quarter. 17.44% of the stock is currently owned by institutional investors.

EVgo News Roundup

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.

EVgo Price Performance

Shares of NASDAQ:EVGO opened at $1.83 on Wednesday. The company has a market cap of $575.57 million, a price-to-earnings ratio of -4.57 and a beta of 2.87. The company has a debt-to-equity ratio of 5.39, a current ratio of 2.19 and a quick ratio of 2.19. The firm has a 50 day simple moving average of $1.32 and a 200 day simple moving average of $1.92. EVgo has a one year low of $0.98 and a one year high of $3.92.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.03. The company had revenue of $82.65 million for the quarter. During the same period in the previous year, the business earned ($0.10) EPS. The business’s quarterly revenue was down 15.7% on a year-over-year basis. Research analysts predict that EVgo will post -0.50 earnings per share for the current fiscal year.

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.