EVgo’s (EVGO) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of EVgo (NYSE:EVGO) in a research report sent to investors on Thursday morning,Benzinga reports.

Several other brokerages have also commented on EVGO. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and lifted their target price for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. UBS Group raised shares of EVgo from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 target price on shares of EVgo in a research note on Monday, September 30th. JPMorgan Chase & Co. reduced their price target on shares of EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. Finally, Royal Bank of Canada lifted their target price on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Two research 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $6.61.

EVgo Trading Down 5.0 %

Shares of NYSE:EVGO opened at $3.41 on Thursday. EVgo has a 12-month low of $1.65 and a 12-month high of $9.07. The firm has a market cap of $1.03 billion, a PE ratio of -8.12 and a beta of 2.35. The company has a fifty day simple moving average of $5.15 and a 200 day simple moving average of $5.01.

EVgo (NYSE:EVGO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The firm had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. During the same quarter in the previous year, the business posted ($0.09) EPS. The business’s quarterly revenue was up 92.3% on a year-over-year basis. As a group, equities research analysts forecast that EVgo will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling at EVgo

In other EVgo news, Director David Nanus sold 23,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the sale, the director now directly owns 5,882,352 shares in the company, valued at $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Badar Khan sold 166,725 shares of EVgo stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the transaction, the chief executive officer now owns 348,761 shares in the company, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,184,104 shares of company stock valued at $115,932,044 in the last quarter. Corporate insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EVGO. Point72 DIFC Ltd bought a new stake in EVgo in the second quarter worth about $45,000. International Assets Investment Management LLC acquired a new position in shares of EVgo in the 3rd quarter worth approximately $51,000. Creative Planning raised its holdings in shares of EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares in the last quarter. Legacy Capital Wealth Partners LLC lifted its stake in EVgo by 31.8% during the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after purchasing an additional 3,500 shares during the last quarter. Finally, Clear Harbor Asset Management LLC bought a new stake in EVgo during the fourth quarter worth approximately $72,000. Institutional investors own 17.44% of the company’s stock.

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.