EVgo Inc. [NASDAQ: EVGO] price surged by 12.98 percent to reach at $0.98. The company report on July 21, 2022 that City of Philadelphia Partners with EVgo to Support Electrification of Municipal Fleet.
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Philadelphia will leverage EVgo public charging for fleet vehicles; City to only procure zero emissions vehicles by 2030.
The City of Philadelphia’s Department of Fleet Services today announced a partnership with EVgo Inc. (NASDAQ: EVGO), a leader in fleet electrification and owner and operator of the nation’s largest public fast charging network for electric vehicles (EVs). Through the program, municipal vehicles from the City of Philadelphia will access charging on EVgo’s 100% renewable-powered network through a discounted fleet charging plan.
A sum of 5335947 shares traded at recent session while its average daily volume was at 2.78M shares. EVgo Inc. shares reached a high of $8.7137 and dropped to a low of $7.5701 until finishing in the latest session at $8.53.
The one-year EVGO stock forecast points to a potential upside of 25.83. The average equity rating for EVGO stock is currently 2.40, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on 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 $11.50 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 2.40. 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.
Jefferies have made an estimate for EVgo Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on July 07, 2022. The new note on the price target was released on June 08, 2022, representing the official price target for EVgo Inc. stock. Previously, the target price had yet another raise to $14, while Credit Suisse analysts kept a Outperform rating on EVGO stock.
The Average True Range (ATR) for EVgo Inc. is set at 0.67, with the Price to Sales ratio for EVGO stock in the period of the last 12 months amounting to 84.62.
EVGO Stock Performance Analysis:
EVgo Inc. [EVGO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.18. With this latest performance, EVGO shares gained by 18.31% in over the last four-week period, additionally plugging by 13.58% over the last 6 months – not to mention a drop of -30.02% 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 56.86, with the RSI for the last a single of trading hit 60.24, and the three-weeks RSI is set at 53.92 for EVgo Inc. [EVGO]. The present Moving Average for the last 50 days of trading for this stock 8.07, while it was recorded at 7.86 for the last single week of trading, and 9.97 for the last 200 days.
Insight into EVgo Inc. 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 8.20 and a Current Ratio set at 8.20.
EVgo Inc. [EVGO] Insider Position Details
There are presently around $286 million, or 50.50% of EVGO stock, in the hands of institutional investors. The top three institutional holders of EVGO stocks are: VANGUARD GROUP INC with ownership of 5,882,535, which is approximately 121.632% of the company’s market cap and around 1.12% of the total institutional ownership; PICTET ASSET MANAGEMENT SA, holding 3,641,110 shares of the stock with an approximate value of $31.06 million in EVGO stocks shares; and CI INVESTMENTS INC., currently with $30.79 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 August and at the time of the August reporting period, where 79 institutional holders increased their position in EVgo Inc. [NASDAQ:EVGO] by around 13,437,251 shares. Additionally, 72 investors decreased positions by around 5,768,488 shares, while 34 investors held positions by with 14,371,146 shares. The mentioned changes placed institutional holdings at 33,576,885 shares, according to the latest SEC report filing. EVGO stock had 39 new institutional investments in for a total of 8,849,503 shares, while 33 institutional investors sold positions of 3,352,704 shares during the same period.