EVgo, Inc. (NASDAQ:EVGO) Receives Consensus Recommendation of "Buy" from Brokerages

Shares of EVgo, Inc. (NASDAQ:EVGO - Get Free Report) have been given a consensus rating of "Buy" by the twelve research firms that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $6.11.

EVGO has been the topic of several analyst reports. JPMorgan Chase & Co. decreased their price target on shares of EVgo from $6.00 to $5.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 12th. Cantor Fitzgerald reissued an "overweight" rating and issued a $8.00 target price on shares of EVgo in a research report on Wednesday, March 5th. Needham & Company LLC reissued a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. UBS Group decreased their target price on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. Finally, Stifel Nicolaus decreased their target price on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th.

EVgo Trading Up 0.4 %

Shares of EVgo stock traded up $0.01 during mid-day trading on Wednesday, hitting $2.76. 11,007,518 shares of the stock were exchanged, compared to its average volume of 4,547,013. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07. The stock has a market capitalization of $845.45 million, a price-to-earnings ratio of -6.57 and a beta of 2.37. The company has a 50-day simple moving average of $3.00 and a 200 day simple moving average of $4.76.

Remove Ads

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.04. The firm had revenue of $67.51 million for the quarter, compared to analyst estimates of $69.49 million. Equities research analysts forecast that EVgo will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 17,379 shares of EVgo stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total transaction of $75,077.28. Following the sale, the president now owns 13,655 shares in the company, valued at $58,989.60. This trade represents a 56.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 66.96% of the stock is currently owned by corporate insiders.

Institutional Trading of EVgo

Hedge funds have recently made changes to their positions in the company. State Street Corp raised its stake in shares of EVgo by 25.3% during the third quarter. State Street Corp now owns 4,192,828 shares of the company's stock valued at $17,358,000 after purchasing an additional 847,777 shares during the period. Geode Capital Management LLC increased its stake in shares of EVgo by 3.9% in the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company's stock worth $10,020,000 after buying an additional 90,887 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of EVgo in the fourth quarter worth $2,321,000. Hussman Strategic Advisors Inc. bought a new stake in shares of EVgo in the fourth quarter worth $425,000. Finally, Rhumbline Advisers increased its stake in shares of EVgo by 3.2% in the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company's stock worth $602,000 after buying an additional 4,622 shares during the last quarter. 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.