Analysts Set EVgo, Inc. (NYSE:EVGO) Price Target at $6.61

EVgo, Inc. (NYSE:EVGO) has earned a consensus recommendation of “Buy” from the twelve ratings firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $6.61.

Several research analysts have issued reports on EVGO shares. JPMorgan Chase & Co. cut their price objective on EVgo from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Friday, December 20th. Stifel Nicolaus raised their price objective on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Capital One Financial raised EVgo to a “strong-buy” rating in a report on Monday, September 16th. Royal Bank of Canada boosted their target price on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Finally, TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and raised their price target for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd.

EVgo Stock Performance

NYSE EVGO opened at $4.32 on Friday. EVgo has a one year low of $1.65 and a one year high of $9.07. The firm has a market cap of $1.31 billion, a PE ratio of -10.29 and a beta of 2.24. The firm’s fifty day moving average is $5.84 and its two-hundred day moving average is $4.91.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. EVgo’s revenue was up 92.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.09) EPS. Research analysts predict that EVgo will post -0.41 earnings per share for the current year.

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 17,379 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $4.32, for a total value of $75,077.28. Following the completion of the sale, the president now owns 13,655 shares in the company, valued at $58,989.60. This represents a 56.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction dated 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 transaction, the director now directly owns 5,882,352 shares in the company, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,184,104 shares of company stock worth $115,932,044. 66.96% of the stock is owned by insiders.

Institutional Trading of EVgo

Several large investors have recently added to or reduced their stakes in EVGO. Bank of New York Mellon Corp grew its stake in shares of EVgo by 12.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 408,687 shares of the company’s stock valued at $1,001,000 after buying an additional 46,157 shares in the last quarter. Legacy Capital Wealth Partners LLC acquired a new position in EVgo during the second quarter worth $27,000. SIR Capital Management L.P. raised its holdings in EVgo by 76.9% during the second quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after buying an additional 416,800 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of EVgo by 66.4% during the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after acquiring an additional 651,475 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of EVgo in the second quarter worth $45,000. 17.44% of the stock is owned by institutional investors and hedge funds.

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.