EVgo (NYSE:EVGO) Trading 4.8% Higher Following Analyst Upgrade

EVgo, Inc. (NYSE:EVGO) shares rose 4.8% on Wednesday after Royal Bank of Canada raised their price target on the stock from $4.00 to $8.00. Royal Bank of Canada currently has an outperform rating on the stock. EVgo traded as high as $7.10 and last traded at $6.99. Approximately 2,369,760 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 4,102,120 shares. The stock had previously closed at $6.67.

Several other equities analysts also recently weighed in on EVGO. JPMorgan Chase & Co. upgraded shares of 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, October 3rd. TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and boosted their price objective for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. UBS Group initiated coverage on shares of EVgo in a research note on Monday, July 22nd. They set a “neutral” rating and a $4.00 price objective for the company. Stifel Nicolaus reduced their price objective on shares of EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, Capital One Financial raised shares of EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $5.67.

Insider Transactions at EVgo

In other news, insider Francine Sullivan sold 12,584 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 117,327 shares in the company, valued at approximately $422,377.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, President Dennis G. Kish sold 16,414 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 $59,090.40. Following the completion of the sale, the president now directly owns 47,614 shares in the company, valued at $171,410.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 sale, the insider now owns 117,327 shares of the company’s stock, valued at $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EVGO. Voisard Asset Management Group Inc. bought a new stake in EVgo during the 4th quarter valued at $29,000. Wellington Management Group LLP increased its position 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 purchasing an additional 951,272 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in EVgo during the 1st quarter valued at $71,000. SG Americas Securities LLC purchased a new position in EVgo during the 1st quarter valued at $41,000. Finally, Bleakley Financial Group LLC purchased a new position in EVgo during the 1st quarter valued at $36,000. 17.44% of the stock is currently owned by institutional investors.

EVgo Stock Performance

The stock’s 50-day simple moving average is $4.25 and its 200-day simple moving average is $3.04. The firm has a market capitalization of $2.10 billion, a PE ratio of -18.76 and a beta of 2.58.

EVgo (NYSE:EVGO) last issued 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 company had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $59.40 million. The firm’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.08) earnings per share. As a group, analysts predict that EVgo, Inc. will post -0.4 earnings per share for the current fiscal year.

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.