EVgo (NYSE:EVGO) Issues Quarterly Earnings Results

EVgo (NYSE:EVGO) released its earnings results on Tuesday. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01), Briefing.com reports. The business had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. During the same period in the previous year, the firm earned ($0.09) EPS. EVgo’s revenue was up 92.3% on a year-over-year basis. EVgo updated its FY 2024 guidance to EPS.

EVgo Stock Up 6.3 %

EVgo stock opened at $5.20 on Thursday. EVgo has a 52 week low of $1.65 and a 52 week high of $9.07. The company’s 50 day moving average price is $6.08 and its two-hundred day moving average price is $4.01. The stock has a market cap of $1.57 billion, a P/E ratio of -12.38 and a beta of 2.38.

Wall Street Analyst Weigh In

EVGO has been the subject of a number of research reports. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of EVgo in a research note on Monday, September 30th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and increased their price target for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Wednesday. Finally, Stifel Nicolaus increased their price objective on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $6.61.

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.