EVgo (NYSE:EVGO) Rating Increased to Overweight at JPMorgan Chase & Co.

EVgo (NYSE:EVGO) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Thursday, Marketbeat.com reports. The firm currently has a $7.00 price target on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 78.12% from the stock’s previous close.

EVGO has been the subject of a number of other reports. UBS Group began coverage on EVgo in a report on Monday, July 22nd. They issued a “neutral” rating and a $4.00 price objective for the company. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research note on Thursday, August 29th. Benchmark lifted their price objective on EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 target price on shares of EVgo in a research report on Monday. Finally, Stifel Nicolaus dropped their price target on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4.89.

EVgo Stock Up 2.3 %

Shares of EVGO stock opened at $3.93 on Thursday. The firm has a market capitalization of $1.19 billion, a P/E ratio of -10.34 and a beta of 2.59. EVgo has a twelve month low of $1.65 and a twelve month high of $4.80. The stock’s fifty day simple moving average is $4.01 and its 200 day simple moving average is $2.91.

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 the consensus estimate of ($0.11) by $0.01. The firm had revenue of $66.62 million during the quarter, compared to analyst estimates of $59.40 million. During the same period in the prior year, the company earned ($0.08) EPS. The business’s quarterly revenue was up 31.8% compared to the same quarter last year. As a group, equities research analysts expect that EVgo will post -0.4 EPS for the current fiscal year.

Insider Activity

In other news, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the sale, the insider now directly owns 117,327 shares in the company, valued at approximately $422,377.20. The sale was disclosed in a document filed with the SEC, which is accessible 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 transaction of $45,302.40. Following the transaction, the insider now owns 117,327 shares in the company, valued at $422,377.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Dennis G. Kish sold 16,414 shares of the company’s 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 completion of the sale, the president now owns 47,614 shares in the company, valued at approximately $171,410.40. The disclosure for this sale can be found here. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP lifted its stake in EVgo by 34.9% during the 4th quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock valued at $13,158,000 after acquiring an additional 951,272 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of EVgo during the second quarter valued at about $1,749,000. Marshall Wace LLP boosted its holdings in EVgo by 66.4% during the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after purchasing an additional 651,475 shares during the last quarter. SIR Capital Management L.P. boosted 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 worth $2,349,000 after purchasing an additional 416,800 shares during the last quarter. Finally, HITE Hedge Asset Management LLC bought a new stake in EVgo in the 2nd quarter worth about $495,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

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.