EVgo Inc. has been under bearish influence as the prices corrected the massive gap-up caused due to positive revenue reports. A similar surge is expected near the approaching revenue reports for the period ending in March 2023. EVGO stock price displays bearish attributes at present due to crushed buyers, and can excite the bears awaiting to hunt at lower price levels.
The recent action in the market suggests a renowned investment firm, U.S. Capital Wealth Advisors LLC, reduced its holdings in the shares of EVgo. Inc. The reduction is believed to have been logged at a staggering 69.4% per the company’s latest Form 13F filing with the Securities & Exchange Commision. The filing revealed the firm sold off 144,250 EVGO stocks during the review period. It may be an indication of firm divesting from the electric vehicle charging market.
EVgo Inc. Earnings Report for March ‘23
EVGO stock price marked a gap-up due to a positive earnings report for the period ending in December 2022. The disclosure revealed a surprise of 62.12% in the earnings. The reported revenue of $27.228 million differed from the estimate of $19.918 million by 36.70%. The massive difference in revenue earned indicated a possibility of increase in the product sales by the company.
The upcoming earnings report holds the hopes high as the previous report set an estimate of increased sales. In light of the same, the estimated revenue is valued at $27.347 million to indicate a projection of increase in sales. The estimates of earnings are placed at negative $0.192, less than previous estimates. The financial estimates show a survival stage for the company.
EVGO Stock Price Analysis
EVGO stock price has declined by 27.85% in the past month after correcting the abrupt gap-up. The recent price has formed a falling parallel channel indicating a range bound price action. The current prices hold a spot below the EMA ribbon reflecting a bearish momentum. The Bollinger Bands slightly contract to display drained volatility in the market.
The suppressed volume indicated a vacated market as the investors searched for a magnet to enter the market. The MACD forms a negative cross and records minimal seller interaction. The RSI drops to 40-range in order to reflect sellers gaining dominance in the market. The seller-influenced market may change into a buyer-influenced market once prices reach the demand zone.
Conclusion
EVgo Inc. is currently facing a deserted market as the prices correct the massive rally occurred a month ago. The upcoming earnings report can attempt to breach the bearish pattern prevailing in the market. The present sell-off which happened can weaken the company’s price rally, but the bulls may lift prices once it reaches the demand zone. The holders can watch for prices testing support near $5.18.
Technical levels
Support levels: $5.18 and $3.65
Resistance levels: $7.50 and $8.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/02/evgo-stock-price-evgo-inc-a-phantasmagoria-of-horror-or-mystery/