Investors Purchase High Volume of Call Options on EVgo (NASDAQ:EVGO)

EVgo, Inc. (NASDAQ:EVGO) was the recipient of unusually large options trading activity on Tuesday. Traders purchased 14,559 call options on the stock. This represents an increase of approximately 874% compared to the average volume of 1,495 call options.

Analysts Set New Price Targets

A number of brokerages have recently commented on EVGO. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. UBS Group reduced their target price on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $8.00 price target on shares of EVgo in a research note on Wednesday, March 5th. JPMorgan Chase & Co. cut their price objective on EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Finally, Evercore ISI decreased their target price on shares of EVgo from $7.00 to $4.00 and set an “outperform” rating for the company in a report on Monday, March 31st. 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. Based on data from MarketBeat.com, EVgo has a consensus rating of “Buy” and a consensus target price of $5.78.

Institutional Trading of EVgo

Institutional investors have recently bought and sold shares of the company. CWM LLC raised its stake in shares of EVgo by 1,508.4% during the 1st quarter. CWM LLC now owns 34,597 shares of the company’s stock worth $92,000 after purchasing an additional 32,446 shares in the last quarter. Arizona State Retirement System increased its holdings in EVgo by 20.1% in the first quarter. Arizona State Retirement System now owns 35,481 shares of the company’s stock worth $94,000 after buying an additional 5,945 shares during the last quarter. Ballentine Partners LLC bought a new position in EVgo during the first quarter valued at approximately $32,000. Alps Advisors Inc. lifted its stake in EVgo by 23.0% in the first quarter. Alps Advisors Inc. now owns 189,272 shares of the company’s stock valued at $503,000 after acquiring an additional 35,421 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in EVgo by 7.3% in the first quarter. Bank of New York Mellon Corp now owns 347,672 shares of the company’s stock worth $925,000 after acquiring an additional 23,659 shares in the last quarter. Institutional investors and hedge funds own 17.44% of the company’s stock.

EVgo Price Performance

NASDAQ:EVGO opened at $3.67 on Wednesday. The stock’s 50-day moving average is $2.64 and its two-hundred day moving average is $4.14. The stock has a market cap of $1.12 billion, a PE ratio of -8.74 and a beta of 2.27. EVgo has a fifty-two week low of $1.73 and a fifty-two week high of $9.07.

EVgo (NASDAQ:EVGO) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.02. The business’s quarterly revenue was up 36.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.09) earnings per share. On average, equities research analysts anticipate that EVgo will post -0.45 earnings per share for the current year.

EVgo Company Profile

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.