Why Is EVgo (EVGO) Stock Up 25% Today?


  • EVgo (EVGO) stock is rising alongside a recent earnings report.
  • The company beat out EPS and revenue estimates for the quarter.
  • EVgo also posted guidance for fiscal 2023.
EVGO Stock - Why Is EVgo (EVGO) Stock Up 25% Today?

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EVgo (NASDAQ:EVGO) stock is on the rise Thursday following the release of its earnings report for the fourth quarter of 2022!

That earnings report starts out positive with earnings per share of -6 cents. That’s better than the -17 cents per share that Wall Street had expected for the quarter. It’s also an improvement over the -18 cents from the same period last year

To go along with that, EVgo also reported revenue of $27.23 million. Yet again, that’s a beat compared to analysts’ estimate of $21.82 million. Investors will also note that revenue came in at $7.12 million in Q4 2021.

What the Future Holds for EVGO Stock

Investors are hoping that things will turn out well for EVGO stock in 2023. That seems possible, considering the company’s revenue guidance of between $105 million and $150 million for the year. Even if that does come below Wall Street’s estimate of $153.66 million for the period.

There’s also heavy trading of EVGO stock today as investors buy shares. As of this writing, more than 8 million shares of the stock have changed hands. That’s a major increase over its daily average trading volume of about 2.3 million shares.

EVGO stock is up 24.9% as of Thursday morning.

Investors seeking out more of the latest stock market news will want to keep reading!

We’ve got all of the hottest stock news traders need to know about on Thursday! Our coverage includes why shares of Scynexis (NASDAQ:SCYX), Freight Technologies (NASDAQ:FRGT) and Electronic Arts (NASDAQ:EA) stock are moving. You can find out more on these matters at the links below!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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