Streetbeat News

EVGO

EVgo, Inc.

https://www.evgo.com

Industry

Specialty Retail

EVgo, Inc. owns and operates a direct current fast charging network 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. It also provides ancillary services, such as customization of digital applications, charging data integration, loyalty programs, access to chargers behind parking lot, or garage, pay gates and pilots microtargeted advertising, and charging reservations; and maintenance and development and project management services through eXtendTM, including electric vehicle supply equipment installation, networking, and operations. The company was incorporated in 2010 and is based in Los Angeles, California.

Open

6.00

Mkt cap

671M

Volume

6.1M

High

6.45

P/E Ratio

-14.88

52-wk high

9.07

Low

5.87

Div yield

N/A

52-wk low

1.65

EVgo, Inc. (NASDAQ:EVGO) shares surged after reporting Q4 FY23 results with an 83% Y/Y revenue increase to $50.0 million, surpassing analyst expectations. The company saw a 257% Y/Y increase in network throughput and added over 110,000 new customer accounts. Despite an adjusted EBITDA loss of $(14.0) million, the net loss per share of $(0.12) beat forecasts. CEO Badar Khan highlighted the company's profitability at the installed base level and its strong positioning for future growth. EVgo expects FY24 revenue between $220 million and $270 million, with an adjusted EBITDA of $(48) million to $(30) million. Shares rose 13.7% to $3.16 in premarket trading.

Portfolio Pulse from Lekha Gupta

March 06, 2024 | 2:24 pm

In Wednesday's pre-market session, several consumer discretionary stocks showed significant movement. EVgo, J-Long Group, JD.com, RealReal, Duluth Holdings, and ToughBuilt Industries were among the gainers, with EVgo leading with a 15.1% increase following their Q4 earnings release. On the downside, Thor Industries, Foot Locker, Nordstrom, Winnebago Industries, EpicQuest Education Group, and Brilliant Earth Group faced declines, with Thor Industries dropping 17.5% after their Q2 earnings announcement.

Portfolio Pulse from Benzinga Insights

March 06, 2024 | 1:08 pm

EVgo projects its FY24 total revenue to be in the range of $220M-$270M, which is below the estimated $260.86M.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 12:02 pm

EVgo (NASDAQ:EVGO) reported Q4 2023 earnings with a GAAP EPS of $(0.120), surpassing the $(0.190) estimate. Sales reached $49.994M, exceeding the $44.032M forecast, marking an 83.11% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 12:01 pm

Numerous companies are scheduled to report their earnings on March 6, 2024, covering a wide range of industries from technology to retail. Notable mentions include JD.com with expected earnings of $0.63 per share on a revenue of $42.16 billion, and Abercrombie & Fitch forecasting $2.83 per share on $1.43 billion revenue. Other companies like Foot Locker, Thor Industries, and Campbell Soup are also set to report their earnings, alongside firms expected to report losses such as WAVE Life Sciences and EVgo.

Portfolio Pulse from Benzinga Insights

March 06, 2024 | 10:00 am

EVgo (NASDAQ:EVGO) is scheduled to release its quarterly earnings report on March 6, 2024, with analysts expecting an EPS of $-0.18. Historical data shows mixed reactions to past earnings, with the stock price fluctuating based on actual EPS versus estimates and guidance provided. Over the last year, EVgo's shares have declined by 55.58%, indicating a bearish sentiment among long-term shareholders.

Portfolio Pulse from Benzinga Insights

March 05, 2024 | 4:02 pm

XCHG Ltd., a fast-charging station maker founded by former Tesla engineers, has filed for a Nasdaq IPO, aiming to raise funds to expand its business. The company reported a 46% revenue growth in the first nine months of last year and is the second-largest seller of DC fast chargers in Europe. Competitors include Tesla (TSLA), NaaS Technology (NAAS), EVgo (EVGO), and Blink Charging (BLNK). XCHG plans to use IPO proceeds for a new charger factory in the U.S., R&D, global market expansion, and working capital.

Portfolio Pulse from The Bamboo Works

February 16, 2024 | 3:13 pm

Shares of automobile, EV, and auto part manufacturers are down following January CPI data indicating a higher-than-expected inflation rise.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 8:46 pm

Clean tech companies are expected to adopt a defensive stance in Q4 earnings amid liquidity concerns and weaker demand, according to JPMorgan. Enovix Corp (ENVX) is highlighted as an exception with a potential over 50% upside. ChargePoint Holdings (CHPT), EVgo Inc (EVGO), and Plug Power Inc (PLUG) face challenges, with the sector underperforming and investors showing skepticism. JPMorgan remains optimistic about Enovix, expecting modest revenue in Q4 2023 and significant growth in 2024.

Portfolio Pulse from Surbhi Jain

February 12, 2024 | 6:18 pm

EVgo's (NYSE:EVGO) short interest has increased by 5.62% since the last report, with 23.68 million shares sold short, representing 22.92% of its float. This indicates a bearish market sentiment towards EVGO, as it takes traders approximately 12.34 days to cover their short positions. Despite this, an increase in short interest does not necessarily predict a near-term price fall. EVgo's short interest is significantly higher than its peer group average of 11.79%, suggesting more bearish sentiment compared to its peers.

Portfolio Pulse from Benzinga Insights

February 07, 2024 | 6:30 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.