EV Stock Brushes Off Bull Note on Public Offering Reveal

Stifel initiated bullish coverage on EVgo stock with a "buy" rating

Deputy Editor
May 17, 2023 at 9:03 AM
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The shares of EVgo Inc (NASDAQ:EVGO) are down 10.1% at $5.15 premarket, brushing off a bull note after the company said it's launching a $125 million public offering of its Class A common stock. The electric vehicle (EV) firm said the proceeds of the offering will be used for general purposes and the event will be lead by Goldman Sachs (GS), Evercore, and J.P. Morgan Securities.

Concerning the bull note, Stifel initiated covering on the stock with a "buy" rating and a price target of $9. Coming into today, four analysts rated EVGO a "strong buy," while three recommended a tepid "hold" or worse. Meanwhile, the 12-month consensus target price of $8.92 is a 55% premium to last night's close. 

A short squeeze be in play should short sellers start hitting the exits. Short interest decreased 6% in the last two reporting periods, and the 22.42 million shares sold short make up 31% of EVgo stock's available float.

Should these premarket losses hold, it will cut a big dent into EVGO's 28.2% year-to-date lead. The shares staged an early April rally that was rejected by the 320-day moving average, and more recently saw a bounce cut short at the $6.50 level.

 

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