Needham & Company LLC restated their hold rating on shares of EVgo (NASDAQ:EVGO - Free Report) in a research note released on Wednesday morning,Benzinga reports.
A number of other brokerages have also recently commented on EVGO. UBS Group lowered their target price on EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a report on Monday, January 27th. JPMorgan Chase & Co. cut their price target on EVgo from $7.00 to $6.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $6.22.
Check Out Our Latest Research Report on EVgo
EVgo Stock Performance
Shares of NASDAQ EVGO traded up $0.07 during mid-day trading on Wednesday, reaching $2.58. 3,600,973 shares of the company's stock were exchanged, compared to its average volume of 4,591,248. The firm has a market capitalization of $782.13 million, a price-to-earnings ratio of -6.14 and a beta of 2.37. EVgo has a 52-week low of $1.65 and a 52-week high of $9.07. The company's 50-day moving average is $3.33 and its 200-day moving average is $4.88.
EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.04. The business had revenue of $67.51 million for the quarter, compared to analysts' expectations of $69.49 million. As a group, equities analysts predict that EVgo will post -0.45 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, President Dennis G. Kish sold 17,379 shares of the business's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $4.32, for a total value of $75,077.28. Following the completion of the transaction, the president now directly owns 13,655 shares of the company's stock, valued at $58,989.60. The trade was a 56.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David Nanus sold 23,000,000 shares of the business's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the transaction, the director now directly owns 5,882,352 shares of the company's stock, valued at approximately $29,411,760. This trade represents a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,061,563 shares of company stock valued at $115,225,745. 66.96% of the stock is owned by insiders.
Hedge Funds Weigh In On EVgo
A number of institutional investors have recently made changes to their positions in the stock. State Street Corp increased its stake in EVgo by 25.3% in 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 last quarter. Geode Capital Management LLC increased its stake in EVgo by 3.9% in the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company's stock valued at $10,020,000 after purchasing an additional 90,887 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new position in EVgo in the fourth quarter valued at $425,000. International Assets Investment Management LLC acquired a new position in EVgo in the third quarter valued at $51,000. Finally, Rhumbline Advisers increased its stake in EVgo by 3.2% in the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company's stock valued at $602,000 after purchasing an additional 4,622 shares during the last quarter. 17.44% of the stock is owned by institutional investors and hedge funds.
About EVgo
(
Get Free Report)
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.
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