Strength Seen in EVgo Inc. (EVGO): Can Its 5.4% Jump Turn into More Strength?
EVgo Inc. (EVGO) shares ended the last trading session 5.4% higher at $6.27. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 48.4% gain over the past four weeks.
The soaring popularity and unfaltering demand of EVs along with the company’s efforts to expand its EV charging network are likely to have driven EVgo's share price.
This company is expected to post quarterly loss of $0.15 per share in its upcoming report, which represents a year-over-year change of -350%. Revenues are expected to be $22.24 million, up 212.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For EVgo Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on EVGO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
EVgo Inc. belongs to the Zacks Automotive - Original Equipment industry. Another stock from the same industry, CarParts.com (PRTS), closed the last trading session 6.8% higher at $7.06. Over the past month, PRTS has returned 11.3%.
CarParts.com's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. Compared to the company's year-ago EPS, this represents a change of -30%. CarParts.com currently boasts a Zacks Rank of #2 (Buy).
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