EVgo (NYSE:EVGO) Price Target Cut to $5.00 by Analysts at UBS Group

EVgo (NYSE:EVGOGet Free Report) had its price target reduced by equities researchers at UBS Group from $8.00 to $5.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s target price would suggest a potential upside of 44.51% from the stock’s previous close.

Other analysts also recently issued reports about the company. Stifel Nicolaus upped their price objective on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Thursday, January 16th. TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and increased their price objective for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 target price on shares of EVgo in a research report on Monday, September 30th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $6.22.

View Our Latest Stock Analysis on EVgo

EVgo Trading Up 0.9 %

Shares of NYSE:EVGO opened at $3.46 on Monday. The firm has a 50 day moving average of $4.88 and a 200-day moving average of $5.04. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07. The stock has a market capitalization of $1.05 billion, a PE ratio of -8.24 and a beta of 2.35.

EVgo (NYSE:EVGOGet Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The company had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. During the same quarter last year, the business earned ($0.09) earnings per share. EVgo’s revenue was up 92.3% compared to the same quarter last year. On average, research analysts predict that EVgo will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other EVgo news, President Dennis G. Kish sold 17,379 shares of the company’s 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 sale, the president now owns 13,655 shares in the company, valued at approximately $58,989.60. The trade was a 56.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Nanus sold 23,000,000 shares of the firm’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 transaction, the director now owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,184,104 shares of company stock valued at $115,932,044 in the last ninety days. 66.96% of the stock is currently owned by insiders.

Institutional Trading of EVgo

Institutional investors have recently bought and sold shares of the company. State Street Corp grew its holdings in EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after purchasing an additional 847,777 shares during the period. Point72 Asset Management L.P. bought a new position in shares of EVgo during the 2nd quarter worth about $1,749,000. Marshall Wace LLP grew its position in EVgo by 66.4% in the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares during the period. HITE Hedge Asset Management LLC grew its holdings in EVgo by 105.0% during the third quarter. HITE Hedge Asset Management LLC now owns 413,906 shares of the company’s stock worth $1,714,000 after buying an additional 212,004 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of EVgo in the 2nd quarter worth $495,000. Institutional investors own 17.44% of the company’s stock.

About EVgo

(Get Free Report)

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.

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