Stifel Nicolaus Issues Pessimistic Forecast for EVgo (NASDAQ:EVGO) Stock Price

EVgo (NASDAQ:EVGO) had its target price lowered by equities researchers at Stifel Nicolaus from $10.00 to $8.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target indicates a potential upside of 213.73% from the stock’s previous close.

A number of other research analysts have also recently commented on EVGO. JPMorgan Chase & Co. decreased their price target on EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Wednesday. UBS Group reduced their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $8.00 price objective on shares of EVgo in a research report on Wednesday. Two research 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 stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $6.22.

EVgo Stock Down 0.4 %

Shares of EVGO traded down $0.01 during midday trading on Thursday, reaching $2.55. 899,956 shares of the stock were exchanged, compared to its average volume of 4,554,304. The stock’s 50 day simple moving average is $3.40 and its 200 day simple moving average is $4.90. The company has a market cap of $773.04 million, a P/E ratio of -6.07 and a beta of 2.32. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07.

EVgo (NASDAQ:EVGO) last posted its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The business had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. As a group, analysts predict that EVgo will post -0.45 earnings per share for the current year.

Insider Buying and Selling at EVgo

In related news, Director David Nanus sold 23,000,000 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the sale, the director now directly owns 5,882,352 shares in the company, valued at $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Dennis G. Kish sold 17,379 shares of EVgo stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $4.32, for a total value of $75,077.28. Following the transaction, the president now directly owns 13,655 shares in the company, valued at $58,989.60. The trade was a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,061,563 shares of company stock worth $115,225,745. 66.96% of the stock is currently owned by company insiders.

Institutional Trading of EVgo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. State Street Corp boosted its stake in shares of EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after purchasing an additional 847,777 shares during the last quarter. Geode Capital Management LLC lifted its holdings in 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 buying an additional 90,887 shares during the period. Hussman Strategic Advisors Inc. bought a new stake in EVgo during the fourth quarter valued at $425,000. International Assets Investment Management LLC acquired a new stake in EVgo during the 3rd quarter worth about $51,000. Finally, Verition Fund Management LLC bought a new position in shares of EVgo in the 3rd quarter worth about $653,000. 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.