EVgo Inc (NASDAQ:EVGO) Stock Goes Parabolic: Soars 90% This Week
As the week comes to an end, it might be a good idea for investors to take a look at some stocks which have made considerable gains in the past few days and one of the stocks that could be looked into is that of EVgo Inc (NASDAQ:EVGO).
Market Stats
On Thursday, EVGO stock soared 24.79% to $19.23 with more than 61.48 million shares, compared to its average volume of 6.50 million shares. The stock has moved within a range of $ 15.60 – 19.59 after the opening trade of $16.28.
Major Trigger
The company, which is involved in the electric vehicle charging space, has seen its stock emerge as one of the biggest movers this week and yesterday, it soared by another 25%. That took the gains made by the EVgo stock over the course of the past week to as much as 90%. The rally in the stock was brought about by the strong performance delivered by EVgo in the third fiscal quarter.
In the third quarter, the company managed to generated revenues of as much as $6.2 million and that represented a year on year jump of as much as 73%.
However, even more importantly, the company managed to record a profit of $6.1 million for the quarter and that was a significant development considering the fact that in the year ago period, EVgo had suffered from a loss. Last but certainly not the least, EVgo added as many as 36368 new customers in the quarter.
Traders Corner
EVGO stock is trading above the 20-Day and 50-Day Moving averages of $11.33 and $9.05 respectively. Moreover, the stock is trading above the 200-Day moving average of $12.05. The stock is up 80% in the past 3-month.
