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EVgo (EVGO) Soars 60.8%: Is Further Upside Left in the Stock?
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EVgo Inc. (EVGO - Free Report) shares soared 60.8% in the last trading session to close at $6.32. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6% loss over the past four weeks.
The stock rallied yesterday after securing a $1.05 billion conditional loan guarantee from the U.S. Department of Energy. The financing will help EVgo expand its charging network, with plans to install around 7,500 new fast-charging stations nationwide by 2030.
This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of -11.1%. Revenues are expected to be $66.45 million, up 89.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For EVgo, the consensus EPS estimate for the quarter has been revised 3.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. 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.
EVgo belongs to the Zacks Automotive - Original Equipment industry. Another stock from the same industry, Driven Brands Holdings Inc. (DRVN - Free Report) , closed the last trading session 2.4% lower at $14.44. Over the past month, DRVN has returned 5.8%.
For Driven Brands Holdings, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.22. This represents a change of +10% from what the company reported a year ago. Driven Brands Holdings currently has a Zacks Rank of #3 (Hold).
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EVgo (EVGO) Soars 60.8%: Is Further Upside Left in the Stock?
EVgo Inc. (EVGO - Free Report) shares soared 60.8% in the last trading session to close at $6.32. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6% loss over the past four weeks.
The stock rallied yesterday after securing a $1.05 billion conditional loan guarantee from the U.S. Department of Energy. The financing will help EVgo expand its charging network, with plans to install around 7,500 new fast-charging stations nationwide by 2030.
This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of -11.1%. Revenues are expected to be $66.45 million, up 89.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For EVgo, the consensus EPS estimate for the quarter has been revised 3.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. 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 belongs to the Zacks Automotive - Original Equipment industry. Another stock from the same industry, Driven Brands Holdings Inc. (DRVN - Free Report) , closed the last trading session 2.4% lower at $14.44. Over the past month, DRVN has returned 5.8%.
For Driven Brands Holdings, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.22. This represents a change of +10% from what the company reported a year ago. Driven Brands Holdings currently has a Zacks Rank of #3 (Hold).