EVgo (NYSE:EVGO) Upgraded by TD Cowen to Buy

EVgo (NYSE:EVGO) was upgraded by equities research analysts at TD Cowen from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Briefing.com reports. The firm currently has a $7.00 price objective on the stock, up from their prior price objective of $5.00. TD Cowen’s price target indicates a potential upside of 10.76% from the company’s previous close.

EVGO has been the subject of a number of other research reports. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Thursday, August 29th. Capital One Financial upgraded EVgo to a “strong-buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. raised EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Thursday. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of EVgo in a research note on Monday. Finally, Stifel Nicolaus decreased their target price on EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $5.22.

EVgo Stock Performance

EVgo stock traded up $2.39 on Thursday, reaching $6.32. The company’s stock had a trading volume of 101,617,508 shares, compared to its average volume of 3,624,156. The company has a market cap of $1.91 billion, a price-to-earnings ratio of -16.47 and a beta of 2.59. The business’s fifty day moving average price is $4.01 and its 200 day moving average price is $2.91. EVgo has a twelve month low of $1.65 and a twelve month high of $6.44.

EVgo (NYSE:EVGO) last released its earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The firm had revenue of $66.62 million for the quarter, compared to the consensus estimate of $59.40 million. The company’s revenue was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.08) EPS. As a group, equities analysts forecast that EVgo will post -0.4 earnings per share for the current year.

Insider Buying and Selling at EVgo

In other EVgo news, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $59,090.40. Following the sale, the president now owns 47,614 shares in the company, valued at $171,410.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other EVgo news, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the sale, the insider now owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Dennis G. Kish sold 16,414 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $59,090.40. Following 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. Corporate insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

A number of institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised 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 worth $13,158,000 after buying an additional 951,272 shares during the period. Point72 Asset Management L.P. acquired a new position in EVgo during the 2nd quarter worth approximately $1,749,000. Marshall Wace LLP raised its stake in EVgo by 66.4% during the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after buying an additional 651,475 shares during the period. SIR Capital Management L.P. increased its holdings in EVgo by 76.9% during the 2nd 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 in the last quarter. Finally, HITE Hedge Asset Management LLC bought a new stake in EVgo during the 2nd quarter worth approximately $495,000. 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.