EVgo Stock Is Tumbling: What's Going On?

EVgo Inc EVGO shares are trading lower Wednesday after the EV charging company announced an offering. 

What Happened: EVgo commenced a $125 million underwritten public offering. The company will grant the underwriters a 30-day option to purchase up to an additional $18.75 million in common stock at the offering price. 

EVgo said it expects to use the proceeds for general corporate purposes. 

On Wednesday morning, Stifel analyst Stephen Gengaro initiated coverage on EVgo with a Buy rating and set a price target of $9.

See Also: US Stocks Poised To Open Higher, With Housing Data, More Retail Earnings In Sight

EVGO Price Action: EVgo has a 52-week high of $12.64 and a 52-week low of $3.64. 

The stock was down 10.1% at $5.15 at the time of writing, according to Benzinga Pro.

Photo: courtesy of EVgo.