EVgo, Inc. (NYSE:EVGO) Receives $6.61 Consensus PT from Analysts

EVgo, Inc. (NYSE:EVGO) has been assigned a consensus rating of “Buy” from the twelve brokerages that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $6.61.

EVGO has been the subject of several research analyst reports. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada upped their price objective on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a research report on Monday, September 16th. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and upped their price target for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Wednesday, November 13th.

EVgo Price Performance

NYSE:EVGO opened at $5.37 on Thursday. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07. The company has a 50 day moving average price of $6.15 and a 200-day moving average price of $4.10. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -12.79 and a beta of 2.38.

EVgo (NYSE:EVGO) last posted its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The firm had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. The firm’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) EPS. On average, sell-side analysts anticipate that EVgo will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at EVgo

In other news, CEO Badar Khan sold 166,725 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the sale, the chief executive officer now directly owns 348,761 shares in the company, valued at $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 66.96% of the stock is owned by insiders.

Hedge Funds Weigh In On EVgo

A number of institutional investors have recently added to or reduced their stakes in EVGO. Geode Capital Management LLC increased its stake in shares of EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after acquiring an additional 90,887 shares during the last quarter. Barclays PLC grew its holdings in shares of EVgo by 280.6% in the third quarter. Barclays PLC now owns 132,981 shares of the company’s stock valued at $551,000 after purchasing an additional 98,041 shares during the period. State Street Corp increased its position in EVgo by 25.3% during the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after purchasing an additional 847,777 shares during the last quarter. Point72 DIFC Ltd increased its position in EVgo by 188.2% during the third quarter. Point72 DIFC Ltd now owns 52,965 shares of the company’s stock worth $219,000 after purchasing an additional 34,584 shares during the last quarter. Finally, Maven Securities LTD purchased a new position in EVgo during the third quarter worth about $497,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

About EVgo

EVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.