EVgo’s (EVGO) Overweight Rating Reiterated at Cantor Fitzgerald

EVgo (NYSE:EVGO)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a research report issued on Monday, Benzinga reports. They presently have a $4.00 price objective on the stock. Cantor Fitzgerald’s target price points to a potential upside of 62.60% from the stock’s current price.

A number of other analysts also recently issued reports on EVGO. Benchmark initiated coverage on shares of EVgo in a report on Wednesday, June 5th. They issued a “buy” rating and a $3.00 price objective on the stock. Citigroup cut their price target on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Wednesday, May 8th. Evercore ISI reduced their price target on EVgo from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Monday, May 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $4.00 price target on shares of EVgo in a research report on Friday, April 5th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, EVgo currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.00.

EVgo Price Performance

Shares of NYSE EVGO traded up $0.01 during mid-day trading on Monday, hitting $2.46. The company’s stock had a trading volume of 579,702 shares, compared to its average volume of 2,960,137. The company’s fifty day simple moving average is $2.05 and its 200-day simple moving average is $2.43. The stock has a market cap of $742.99 million, a price-to-earnings ratio of -6.47 and a beta of 2.58. EVgo has a one year low of $1.65 and a one year high of $5.95.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The firm had revenue of $55.16 million for the quarter, compared to the consensus estimate of $52.41 million. During the same period in the prior year, the business earned ($0.09) earnings per share. The company’s revenue for the quarter was up 118.0% compared to the same quarter last year. On average, sell-side analysts predict that EVgo will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Badar Khan bought 125,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were bought at an average price of $2.01 per share, with a total value of $251,250.00. Following the completion of the transaction, the chief executive officer now owns 143,874 shares of the company’s stock, valued at $289,186.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EVGO. Price T Rowe Associates Inc. MD raised its position in shares of EVgo by 11.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock valued at $160,000 after buying an additional 6,633 shares in the last quarter. Voisard Asset Management Group Inc. acquired a new stake in shares of EVgo in the 4th quarter valued at $29,000. Atria Wealth Solutions Inc. raised its holdings in shares of EVgo by 3.2% during the 4th quarter. Atria Wealth Solutions Inc. now owns 288,368 shares of the company’s stock worth $1,032,000 after buying an additional 8,879 shares in the last quarter. PFG Investments LLC boosted its stake in EVgo by 94.2% in the first quarter. PFG Investments LLC now owns 20,976 shares of the company’s stock valued at $53,000 after buying an additional 10,176 shares in the last quarter. Finally, Sippican Capital Advisors acquired a new position in EVgo during the 4th quarter worth approximately $43,000. 17.44% of the stock is owned by institutional investors.

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.