2023-05-17 16:32:16 ET
EVgo ( NASDAQ: EVGO ) accelerated downward on Wednesday after announcing a stock sale on Tuesday evening.
The company announced a public offering of $125M of Class A common stock, sending shares spiraling downward. Shares of the Los Angeles-based EV charging company fell 18.67% , the largest on-day drop on record for the EV charging company.
According to Bloomberg data, options action heated up on Wednesday as well, led by May 19 $5 puts.
Nonetheless, Stifel started the stock at Buy on Tuesday evening .
For further details see:
Why did EVgo stock drive lower on Wednesday? A stark stock sale reaction