EVgo Stock Surges on Impressive Revenue

Call volume is higher than usual in the options pits today

Deputy Editor
Mar 30, 2023 at 10:44 AM
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The shares of electric vehicle (EV) firm EVgo Inc (NASDAQ:EVGO) are surging this morning, after the company reported fourth-quarter revenue that rose 282.4% year-over-year -- nearly four-fold -- vastly beating expectations. In addition, the EV charging company reported adjusted losses of 6 cents per share, which was lower than estimates.

EVgo stock was last seen up 24.2% to trade at $7.14, now trading at its highest level in more than a month and adding to its 28.6% year-to-date lead. EVGO is also has a shot at closing above its 140-day moving average for the first time since September.

Call volume is running at 46 times the volume typically seen at this point, with more than 8,900 bullish bets crossing the tape so far today. The most popular contract by far is the April 7 call, followed by the 8 call in the same monthly series, with new positions being opened at the latter. 

Analyst have yet to chime in, though there's room for pessimism to unwind. Of the seven covering brokerages, just three rate EVgo stock a "strong buy," while four say "hold" or worse. Short sellers are hitting the exits, too. Short interest is down 8.8% in the last two reporting periods, and the 23.37 million shares sold short make up 34.2% of EVGO's available float. 

 

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