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

Shares of EVgo, Inc. (NYSE:EVGO) have earned an average rating of “Buy” from the twelve ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $6.22.

Several research analysts have commented on EVGO shares. UBS Group decreased their target price on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. JPMorgan Chase & Co. decreased their target price on shares of EVgo from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Friday, December 20th. Stifel Nicolaus increased their price target on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. Finally, Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd.

EVgo Stock Up 0.3 %

EVGO stock opened at $3.47 on Tuesday. EVgo has a fifty-two week low of $1.65 and a fifty-two week high of $9.07. The firm’s 50-day simple moving average is $4.71 and its 200 day simple moving average is $5.02. The stock has a market cap of $1.05 billion, a PE ratio of -8.26 and a beta of 2.35.

EVgo (NYSE:EVGO) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to analysts’ expectations of $66.52 million. The company’s revenue for the quarter was up 92.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.09) earnings per share. Equities analysts forecast that EVgo will post -0.45 EPS for the current fiscal year.

Insider Activity at EVgo

In other news, CEO Badar Khan sold 166,725 shares of EVgo stock in a transaction that occurred 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 of the company’s stock, valued at $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction that occurred on Wednesday, December 18th. The shares were 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,184,104 shares of company stock valued at $115,932,044. 66.96% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On EVgo

A number of institutional investors have recently modified their holdings of EVGO. Point72 DIFC Ltd acquired a new stake in shares of EVgo in the second quarter worth $45,000. International Assets Investment Management LLC acquired a new stake in shares of EVgo in the third quarter worth $51,000. 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 acquiring an additional 3,297 shares during the last quarter. Legacy Capital Wealth Partners LLC grew 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 last quarter. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of EVgo in the fourth quarter worth $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.