EVgo (NYSE:EVGO) Stock Rating Upgraded by UBS Group

EVgo (NYSE:EVGO) was upgraded by equities research analysts at UBS Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The brokerage presently has a $8.50 target price on the stock, up from their prior target price of $4.00. UBS Group’s target price suggests a potential upside of 17.57% from the company’s previous close.

Several other brokerages also recently weighed in on EVGO. Benchmark raised their target price on shares of EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Thursday, August 29th. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Royal Bank of Canada lifted their price objective on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price objective for the company in a research note on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, EVgo presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.17.

EVgo Stock Performance

NYSE EVGO opened at $7.23 on Thursday. The firm’s 50 day moving average price is $4.45 and its 200-day moving average price is $3.13. EVgo has a 52-week low of $1.65 and a 52-week high of $7.94. The company has a market cap of $2.18 billion, a PE ratio of -19.03 and a beta of 2.58.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million for the quarter, compared to the consensus estimate of $59.40 million. EVgo’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.08) earnings per share. On average, analysts forecast that EVgo will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at EVgo

In other EVgo news, insider Francine Sullivan sold 12,584 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the sale, the insider now directly owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other EVgo news, insider Francine Sullivan sold 12,584 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the sale, the insider now directly owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Dennis G. Kish sold 16,414 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the sale, the president now directly owns 47,614 shares in the company, valued at approximately $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On EVgo

Several hedge funds have recently modified their holdings of EVGO. Creative Planning raised its position in shares of EVgo by 32.7% during the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of EVgo by 11.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock worth $160,000 after purchasing an additional 6,633 shares during the last quarter. SG Americas Securities LLC raised its position in shares of EVgo by 47.0% during the 2nd quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after purchasing an additional 7,687 shares during the last quarter. Voisard Asset Management Group Inc. acquired a new position in shares of EVgo during the 4th quarter worth about $29,000. Finally, Atria Wealth Solutions Inc. raised its position in shares of EVgo by 2.8% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock worth $811,000 after purchasing an additional 8,940 shares during the last quarter. 17.44% of the stock is owned by hedge funds and other 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.