EVgo’s (EVGO) Hold Rating Reaffirmed at Needham & Company LLC

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

Several other analysts also recently commented on EVGO. Cantor Fitzgerald reiterated an overweight rating and set a $4.00 target price on shares of EVgo in a research note on Monday, July 22nd. UBS Group initiated coverage on EVgo in a report on Monday, July 22nd. They issued a neutral rating and a $4.00 price objective for the company. Royal Bank of Canada restated an outperform rating and set a $4.00 target price on shares of EVgo in a research note on Friday, April 5th. Citigroup decreased their price objective on shares of EVgo from $3.00 to $2.00 and set a neutral rating for the company in a report on Thursday, May 9th. Finally, Evercore ISI dropped their target price on shares of EVgo from $8.00 to $7.00 and set an outperform rating on the stock in a report on Monday, May 13th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $4.43.

EVgo Stock Up 4.1 %

EVGO stock traded up $0.15 on Friday, reaching $3.77. 6,136,224 shares of the company traded hands, compared to its average volume of 4,636,488. The firm has a fifty day simple moving average of $2.77 and a 200-day simple moving average of $2.46. EVgo has a one year low of $1.65 and a one year high of $5.95.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The firm had revenue of $66.62 million for the quarter, compared to the consensus estimate of $59.40 million. The firm’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.08) earnings per share. On average, research analysts forecast that EVgo will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, CEO Badar Khan acquired 125,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were purchased at an average price of $2.01 per share, with a total value of $251,250.00. Following the completion of the purchase, the chief executive officer now directly owns 143,874 shares of the company’s stock, valued at $289,186.74. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of EVGO. Wellington Management Group LLP lifted its position in shares of EVgo by 34.9% in the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock valued at $13,158,000 after acquiring an additional 951,272 shares in the last quarter. Vanguard Group Inc. boosted its stake in EVgo by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock worth $32,114,000 after purchasing an additional 421,704 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in EVgo by 42.6% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company’s stock valued at $1,251,000 after buying an additional 152,436 shares in the last quarter. KBC Group NV raised its position in shares of EVgo by 88.7% during the fourth quarter. KBC Group NV now owns 227,367 shares of the company’s stock valued at $814,000 after buying an additional 106,869 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in shares of EVgo by 32.2% in the first quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock worth $798,000 after buying an additional 77,354 shares in the last quarter. Hedge funds and other institutional investors own 17.44% of the company’s stock.

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.