Brokerages Set EVgo, Inc. (NYSE:EVGO) PT at $6.61

EVgo, Inc. (NYSE:EVGO) has received an average rating of “Buy” from the twelve brokerages that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $6.61.

EVGO has been the topic of a number of recent research reports. Royal Bank of Canada raised their price objective on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Stifel Nicolaus boosted their price objective on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and raised their target price for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. Finally, UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and raised their price objective for the company from $4.00 to $8.50 in a report on Thursday, October 10th.

EVgo Stock Performance

Shares of EVGO stock opened at $4.32 on Friday. The firm has a fifty day moving average of $5.84 and a 200-day moving average of $4.91. EVgo has a 52-week low of $1.65 and a 52-week high of $9.07. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -10.29 and a beta of 2.24.

EVgo (NYSE:EVGO) last released its quarterly 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 company had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. During the same quarter in the previous year, the business posted ($0.09) EPS. EVgo’s revenue was up 92.3% compared to the same quarter last year. On average, sell-side analysts predict that EVgo will post -0.41 earnings per share for the current year.

Insider Buying and Selling at EVgo

In related news, CEO Badar Khan sold 166,725 shares of the business’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 approximately $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Nanus sold 23,000,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the sale, the director now owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,184,104 shares of company stock valued at $115,932,044 in the last quarter. 66.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EVgo

Several hedge funds and other institutional investors have recently made changes to their positions in EVGO. Creative Planning grew its stake in shares of EVgo by 32.7% in the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares during the last quarter. Legacy Capital Wealth Partners LLC lifted its stake in shares of EVgo by 31.8% in the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after acquiring an additional 3,500 shares during the period. Janus Henderson Group PLC boosted its holdings in EVgo by 20.2% in the third quarter. Janus Henderson Group PLC now owns 52,416 shares of the company’s stock valued at $217,000 after acquiring an additional 8,800 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in EVgo by 9.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 122,945 shares of the company’s stock valued at $509,000 after purchasing an additional 10,532 shares during the period. Finally, International Assets Investment Management LLC bought a new position in EVgo during the third quarter worth $51,000. 17.44% of the stock is owned by institutional investors.

EVgo Company Profile

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.