Why did EVgo stock drop today? Earnings jitters are in the mix

Lemon_tm/iStock via Getty Images

EVgo (NASDAQ:EVGO) fell on Monday amid widespread selling pressure across the electric vehicle sector.

The market in general took at turn lower after Federal Reserve Chair Jerome Powell said in a speech at the National Association for Business Economics annual conference that the inflation outlook “has deteriorated significantly this year.” That set off some risk-off trading in the tech sector and with growth story stocks in the EV sector like EVgo (EVGO).

EVgo (EVGO) fell a bit more than some of its peers with the company due to report earnings on March 23. Options trading on EVGO imply a swing up or down of 19% after the earnings report drops. On the earnings call, investors are likely to hear more about the company’s PlugShare business, which has more than two million registered users globally at last check.

Leave a Reply

Your email address will not be published. Required fields are marked *