EVgo (NYSE:EVGO) Reaches New 12-Month High Following Analyst Upgrade

EVgo, Inc. (NYSE:EVGO)’s share price hit a new 52-week high during mid-day trading on Thursday after UBS Group upgraded the stock from a neutral rating to a buy rating. UBS Group now has a $8.50 price target on the stock, up from their previous price target of $4.00. EVgo traded as high as $7.94 and last traded at $7.52, with a volume of 6617740 shares traded. The stock had previously closed at $7.06.

Several other equities analysts also recently issued reports on EVGO. Stifel Nicolaus reduced their price objective on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. JPMorgan Chase & Co. upgraded EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price objective on the stock in a report on Thursday, October 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of EVgo in a research note on Monday, September 30th. Royal Bank of Canada raised their price target on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Thursday, August 29th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $6.17.

Insider Transactions at EVgo

In other EVgo news, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the transaction, the president now directly owns 47,614 shares of the company’s stock, 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 at the SEC website. 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 transaction, the president now directly owns 47,614 shares of the company’s stock, valued at $171,410.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Francine Sullivan sold 12,584 shares of the firm’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 transaction of $45,302.40. Following the sale, the insider now directly owns 117,327 shares of the company’s stock, valued at $422,377.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EVGO. Wellington Management Group LLP boosted its stake in EVgo by 34.9% in the fourth 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 during the period. Point72 Asset Management L.P. bought a new position in EVgo during the 2nd quarter worth $1,749,000. Marshall Wace LLP increased its position in EVgo by 66.4% in the second 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. lifted its stake in EVgo by 76.9% in 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 during the last quarter. Finally, HITE Hedge Asset Management LLC acquired a new position in shares of EVgo during the second quarter valued at $495,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

EVgo Stock Down 5.2 %

The firm’s 50-day moving average price is $4.38 and its 200 day moving average price is $3.09. The firm has a market cap of $2.02 billion, a P/E ratio of -17.61 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, topping analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million during the quarter, compared to the consensus estimate of $59.40 million. The business’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. On average, equities analysts predict that EVgo, Inc. will post -0.4 earnings per share for the current year.

EVgo Company Profile

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.