EVgo (NYSE:EVGO) Shares Up 4.8% After Analyst Upgrade

EVgo, Inc. (NYSE:EVGO)’s stock price rose 4.8% on Wednesday after Royal Bank of Canada raised their price target on the stock from $4.00 to $8.00. Royal Bank of Canada currently has an outperform rating on the stock. EVgo traded as high as $7.10 and last traded at $6.99. Approximately 2,369,760 shares traded hands during trading, a decline of 42% from the average daily volume of 4,102,120 shares. The stock had previously closed at $6.67.

A number of other equities analysts have also commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Thursday, August 29th. UBS Group began coverage on shares of EVgo in a report on Monday, July 22nd. They issued a “neutral” rating and a $4.00 price objective on the stock. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th. Finally, Stifel Nicolaus cut their target price on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $5.67.

Insiders Place Their Bets

In other news, insider Francine Sullivan sold 12,584 shares of EVgo stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $45,302.40. Following the sale, the insider now directly owns 117,327 shares in the company, valued at approximately $422,377.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other EVgo news, President Dennis G. Kish sold 16,414 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the transaction, the president now directly owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Francine Sullivan sold 12,584 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Institutional investors and hedge funds have recently modified their holdings of the business. Voisard Asset Management Group Inc. bought a new stake in shares of EVgo during the fourth quarter worth approximately $29,000. Legacy Capital Wealth Partners LLC bought a new stake in EVgo in the second quarter valued at approximately $27,000. Bleakley Financial Group LLC bought a new stake in EVgo in the first quarter valued at approximately $36,000. SG Americas Securities LLC bought a new stake in EVgo in the first quarter valued at approximately $41,000. Finally, Point72 DIFC Ltd bought a new stake in EVgo in the second quarter valued at approximately $45,000. 17.44% of the stock is owned by institutional investors.

EVgo Price Performance

The stock has a market cap of $2.13 billion, a P/E ratio of -18.58 and a beta of 2.58. The company’s 50 day simple moving average is $4.32 and its 200 day simple moving average is $3.07.

EVgo (NYSE:EVGO) last issued its earnings results on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. The firm had revenue of $66.62 million during the quarter, compared to the consensus estimate of $59.40 million. During the same period in the previous year, the company posted ($0.08) EPS. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. On average, equities research analysts predict that EVgo, Inc. will post -0.4 earnings per share for the current year.

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.