JPMorgan Chase & Co. Has Lowered Expectations for EVgo (NYSE:EVGO) Stock Price

EVgo (NYSE:EVGO) had its target price dropped by JPMorgan Chase & Co. from $7.00 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 96.72% from the stock’s previous close.

A number of other brokerages have also recently commented on EVGO. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Thursday, January 16th. UBS Group lowered their price target on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Finally, Stifel Nicolaus increased their target price on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, EVgo presently has an average rating of “Buy” and a consensus target price of $6.11.

EVgo Price Performance

Shares of EVGO stock opened at $3.05 on Wednesday. The stock has a market cap of $924.61 million, a PE ratio of -7.26 and a beta of 2.32. The stock has a 50-day moving average of $3.78 and a 200-day moving average of $4.96. EVgo has a one year low of $1.65 and a one year high of $9.07.

Insider Buying and Selling

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 transaction of $115,000,000.00. Following the completion of the transaction, the director now owns 5,882,352 shares of the company’s stock, valued at $29,411,760. This represents a 79.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Dennis G. Kish sold 44,184 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the transaction, the president now directly owns 95,986 shares of the company’s stock, valued at approximately $327,312.26. This trade represents a 31.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 23,061,563 shares of company stock valued at $115,225,745. 66.96% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On EVgo

Large investors have recently made changes to their positions in the stock. Mariner LLC acquired a new stake in shares of EVgo in the 4th quarter valued at approximately $48,000. International Assets Investment Management LLC acquired a new stake in shares of EVgo in the 3rd quarter valued at approximately $51,000. Creative Planning boosted 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 valued at $55,000 after buying an additional 3,297 shares during the last quarter. FORA Capital LLC acquired a new stake in shares of EVgo in the 4th quarter valued at approximately $56,000. Finally, Legacy Capital Wealth Partners LLC boosted its holdings in shares of EVgo by 31.8% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after buying an additional 3,500 shares during the last quarter. Institutional investors and hedge funds 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.