EVgo (NYSE:EVGO - Free Report) had its price target lowered by JPMorgan Chase & Co. from $8.00 to $7.00 in a research note released on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.
Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus raised their target price on shares of EVgo from $6.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Needham & Company LLC restated a "hold" rating on shares of EVgo in a research report on Wednesday, November 13th. Royal Bank of Canada increased their price objective on EVgo from $4.00 to $8.00 and gave the company an "outperform" rating in a research report on Wednesday, October 9th. Marathon Capitl raised EVgo from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 22nd. Finally, UBS Group raised shares of EVgo from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, EVgo has a consensus rating of "Buy" and an average price target of $6.61.
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EVgo Stock Up 1.9 %
EVGO traded up $0.08 on Friday, hitting $4.36. The company's stock had a trading volume of 8,886,604 shares, compared to its average volume of 4,893,364. The company's 50 day simple moving average is $6.65 and its 200-day simple moving average is $4.73. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07. The firm has a market cap of $1.32 billion, a P/E ratio of -10.38 and a beta of 2.24.
EVgo (NYSE:EVGO - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.01). The firm had revenue of $67.50 million during the quarter, compared to analysts' expectations of $66.52 million. EVgo's revenue for the quarter was up 92.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.09) earnings per share. Equities analysts predict that EVgo will post -0.41 earnings per share for the current fiscal year.
Insider Buying and Selling
In other EVgo news, CEO Badar Khan sold 166,725 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the sale, the chief executive officer now owns 348,761 shares in the company, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction that occurred 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 sale, the director now owns 5,882,352 shares in the company, valued at approximately $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is owned by insiders.
Institutional Trading of EVgo
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP raised its stake 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 in the last quarter. International Assets Investment Management LLC bought a new position in shares of EVgo in the 3rd quarter worth approximately $51,000. Verition Fund Management LLC purchased a new position in shares of EVgo in the 3rd quarter valued at approximately $653,000. Point72 Asset Management L.P. purchased a new position in shares of EVgo in the 2nd quarter valued at approximately $1,749,000. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of EVgo during the second quarter valued at approximately $495,000. Hedge funds and other institutional investors own 17.44% of the company's stock.
About EVgo
(
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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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