EVgo Inc. [EVGO] Stock trading around $12.31 per share: What’s Next?


EVgo Inc. [NASDAQ: EVGO] plunged by -$0.66 during the normal trading session on Wednesday and reaching a high of $13.12 during the day while it closed the day at $12.31. The company report on March 23, 2022 that EVgo Selected by California Energy Commission for Two Regional Project Proposed Awards to Support CA Rideshare Electrification.

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Uber and Cruise supported the applications and grants to fund development of 72 new charging stalls in California, enhancing infrastructure access and increasing EVgo network utilization amongst rideshare drivers.

EVgo Inc. (NASDAQ: EVGO), a first mover in fleet electrification and owner and operator of first electric vehicle (EV) network powered by 100% renewable electricity, today announced that the company was selected for proposed awards for two California Energy Commission (CEC) Charging Access for Reliable On-Demand Transportation Services (CARTS) grants to directly support its partnership with Uber. Using the proposed award funds of over $3.6M, EVgo will develop twin public fast charging hub sites featuring 72 charging stalls — including 38 designated for public use — within Los Angeles and the Bay Area. As part of this program, all four of the new charging sites will feature fast charging up to 350 kW, ultimately aiding EVgo and Uber in their shared mission to electrify the rideshare industry and provide enhanced access to public EV fast charging infrastructure in rideshare-dense regions within California and beyond.

EVgo Inc. stock has also gained 2.67% of its value over the past 7 days. However, EVGO stock has inclined by 31.52% in the 3 months of the year. Over the past six months meanwhile, it has gained 46.72% and gained 23.84% year-on date.

The market cap for EVGO stock reached $3.48 billion, with 68.74 million shares outstanding and 68.17 million shares in the current float. Compared to the average trading volume of 3.31M shares, EVGO reached a trading volume of 3250332 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about EVgo Inc. [EVGO]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for EVGO shares is $15.14 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on EVGO stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Needham have made an estimate for EVgo Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on December 28, 2021. While these analysts kept the previous recommendation, JP Morgan raised their target price to Overweight. The new note on the price target was released on December 09, 2021, representing the official price target for EVgo Inc. stock. Previously, the target price had yet another raise to $18, while CapitalOne analysts kept a Equal Weight rating on EVGO stock. On November 15, 2021, analysts increased their price target for EVGO shares from 11 to 17.

The Average True Range (ATR) for EVgo Inc. is set at 0.90, with the Price to Sales ratio for EVGO stock in the period of the last 12 months amounting to 561.61. The Price to Book ratio for the last quarter was 2.66, with the Price to Cash per share for the same quarter was set at 0.93.

EVGO stock trade performance evaluation

EVgo Inc. [EVGO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.67. With this latest performance, EVGO shares gained by 22.61% in over the last four-week period, additionally plugging by 46.72% over the last 6 months – not to mention a drop of -10.15% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for EVGO stock in for the last two-week period is set at 56.06, with the RSI for the last a single of trading hit 54.43, and the three-weeks RSI is set at 56.30 for EVgo Inc. [EVGO]. The present Moving Average for the last 50 days of trading for this stock 10.12, while it was recorded at 12.51 for the last single week of trading, and 10.59 for the last 200 days.

EVgo Inc. [EVGO]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and EVgo Inc. [EVGO] shares currently have an operating margin of -404.39 and a Gross Margin at -84.38. EVgo Inc.’s Net Margin is presently recorded at -26.87.

EVgo Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 42.80 and a Current Ratio set at 42.80.

EVgo Inc. [EVGO]: Insider Ownership positions

There are presently around $338 million, or 42.80% of EVGO stock, in the hands of institutional investors. The top three institutional holders of EVGO stocks are: PICTET ASSET MANAGEMENT SA with ownership of 3,991,750, which is approximately 47.937% of the company’s market cap and around 0.24% of the total institutional ownership; VANGUARD GROUP INC, holding 2,654,195 shares of the stock with an approximate value of $34.42 million in EVGO stocks shares; and BANQUE PICTET & CIE SA, currently with $32.78 million in EVGO stock with ownership of nearly New of the company’s market capitalization.

Positions in EVgo Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 95 institutional holders increased their position in EVgo Inc. [NASDAQ:EVGO] by around 12,814,806 shares. Additionally, 58 investors decreased positions by around 9,652,135 shares, while 19 investors held positions by with 3,605,147 shares. The mentioned changes placed institutional holdings at 26,072,088 shares, according to the latest SEC report filing. EVGO stock had 61 new institutional investments in for a total of 6,259,367 shares, while 27 institutional investors sold positions of 4,624,232 shares during the same period.