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EVgo Inc. (EVGO): Why Is Stock So Good?

In the latest trading session, 0.73 million EVgo Inc. (NASDAQ:EVGO) shares changed hands as the company’s beta touched 1.96. With the company’s most recent per share price at $3.81 changed hands at -$0.13 or -3.43% at last look, the market valuation stands at $1.17B. EVGO’s current price is a discount, trading about -159.32% off its 52-week high of $9.88. The share price had its 52-week low at $3.45, which suggests the last value was 9.45% up since then. When we look at EVgo Inc.’s average trading volume, we note the 10-day average is 3.07 million shares, with the 3-month average coming to 3.70 million.

Analysts gave the EVgo Inc. (EVGO) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.60. If we narrow down to specifics, the data shows that 0 out of 14 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 7 recommended EVGO as a Hold, 5 felt it is a Buy and 2 rated the stock as Underweight. EVgo Inc.’s EPS for the current quarter is expected to be -$0.21.

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EVgo Inc. (NASDAQ:EVGO) trade information

Instantly EVGO was in red as seen in intraday trades today. With action 1.47%, the performance over the past five days has been green. The drop to weekly highs of 4.07 on Friday, 09/15/23 subtracted -3.43% to the stock’s daily price. The company’s shares are showing year-to-date downside of -14.88%, with the 5-day performance at 1.47% in the green. However, in the 30-day time frame, EVgo Inc. (NASDAQ:EVGO) is -8.97% down. Looking at the short shares, we see there were 19.1 million shares sold at short interest cover period of 4.62 days.

The consensus price target for the stock as assigned by Wall Street analysts is $6.75, meaning bulls need an upside of 43.56% from its recent market value. According to analyst projections, EVGO’s forecast low is $1.00 with $12.00 as the target high. To hit the forecast high, the stock’s price needs a -214.96% plunge from its current level, while the stock would need to tank 73.75% for it to hit the projected low.

EVgo Inc. (EVGO) estimates and forecasts

Data shows that the EVgo Inc. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -30.82% over the past 6 months, a -152.50% in annual growth rate that is considerably lower than the industry average of 13.70%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for EVgo Inc. will fall -10.50%, while the growth in revenue is estimated to hit -250.00% for the next quarter. Year-over-year growth is forecast to reach 152.70% up from the last financial year.

Consensus estimates given by 10 financial analysts project the company’s revenue in the current quarter to hit an average of $30.11 million. 10 analysts are of the opinion that EVgo Inc.’s revenue for the quarter ending Dec 2023 will be $35.59 million. The company’s revenue for the corresponding quarters a year ago was $13.29 million and $27.3 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 126.60%. The estimates for the next quarter sales put growth at 30.40%.

The 2023 estimates are for EVgo Inc. earnings to decrease by -357.40%.

EVGO Dividends

EVgo Inc. is expected to release its next quarterly earnings report in October.

EVgo Inc. (NASDAQ:EVGO)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.64% of EVgo Inc. shares while 36.69% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 36.92%. There are 36.69% institutions holding the EVgo Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 8.90% of the shares, roughly 9.08 million EVGO shares worth $36.32 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 5.58% or 5.69 million shares worth $22.77 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund. With 3.18 million shares estimated at $12.72 million under it, the former controlled 3.12% of total outstanding shares. On the other hand, Vanguard Small-Cap Index Fund held about 2.58% of the shares, roughly 2.63 million shares worth around $10.54 million.

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