EVgo (NYSE:EVGO) Receives “Hold” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of EVgo (NYSE:EVGO) in a report released on Wednesday morning,Benzinga reports.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price target on the stock in a research report on Thursday, October 3rd. Royal Bank of Canada boosted their price target on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 target price on shares of EVgo in a research report on Monday, September 30th. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and raised their target price for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Finally, Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $6.61.

EVgo Stock Up 0.2 %

Shares of EVGO opened at $5.06 on Wednesday. The firm has a market capitalization of $1.53 billion, a PE ratio of -12.05 and a beta of 2.38. EVgo has a 12-month low of $1.65 and a 12-month high of $9.07. The stock’s fifty day simple moving average is $6.12 and its 200-day simple moving average is $4.04.

EVgo (NYSE:EVGO) last posted its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share 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 the consensus estimate of $66.52 million. During the same quarter in the previous year, the business posted ($0.09) EPS. The business’s revenue for the quarter was up 92.3% on a year-over-year basis. Analysts anticipate that EVgo will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other EVgo news, CEO Badar Khan sold 166,725 shares of the firm’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 owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted 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. Barclays PLC increased its stake in shares of EVgo by 280.6% during the 3rd quarter. Barclays PLC now owns 132,981 shares of the company’s stock worth $551,000 after purchasing an additional 98,041 shares during the last quarter. State Street Corp raised its stake in shares of EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after buying an additional 847,777 shares during the period. Point72 DIFC Ltd lifted its holdings in EVgo by 188.2% during the third quarter. Point72 DIFC Ltd now owns 52,965 shares of the company’s stock valued at $219,000 after purchasing an additional 34,584 shares during the last quarter. Finally, Maven Securities LTD bought a new position in EVgo in the 3rd quarter worth approximately $497,000. 17.44% of the stock is owned by institutional investors.

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.