EVgo, Inc. (NYSE:EVGO) Receives $6.22 Average Price Target from Analysts

Shares of EVgo, Inc. (NYSE:EVGO) have received a consensus recommendation of “Buy” from the twelve research firms that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $6.22.

Several brokerages recently issued reports on EVGO. UBS Group dropped their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday. JPMorgan Chase & Co. cut their price target on EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Friday, December 20th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and lifted their price objective for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. Finally, Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd.

Insider Activity at EVgo

In other EVgo news, President Dennis G. Kish sold 17,379 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the transaction, the president now owns 13,655 shares of the company’s stock, valued at $58,989.60. This represents a 56.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Nanus sold 23,000,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the transaction, the director now directly owns 5,882,352 shares in the company, valued at approximately $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,184,104 shares of company stock worth $115,932,044. 66.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On EVgo

Several large investors have recently modified their holdings of the business. Rhumbline Advisers grew its stake in shares of EVgo by 3.2% in the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company’s stock valued at $602,000 after buying an additional 4,622 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new stake in EVgo during the fourth quarter worth about $72,000. Tidal Investments LLC lifted its position in shares of EVgo by 714.2% during the third quarter. Tidal Investments LLC now owns 94,541 shares of the company’s stock worth $391,000 after purchasing an additional 82,929 shares in the last quarter. Barclays PLC boosted its stake 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. Finally, Geode Capital Management LLC grew its holdings in shares of EVgo by 3.9% in the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after purchasing an additional 90,887 shares in the last quarter. Institutional investors and hedge funds own 17.44% of the company’s stock.

EVgo Price Performance

Shares of NYSE EVGO opened at $3.46 on Tuesday. The stock has a market capitalization of $1.05 billion, a P/E ratio of -8.24 and a beta of 2.35. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07. The business’s 50 day moving average is $4.77 and its two-hundred day moving average is $5.02.

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

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.