EVgo (NYSE:EVGO) Receives "Hold" Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of EVgo (NYSE:EVGO - Free Report) in a report published on Thursday,Benzinga reports.

Several other analysts also recently weighed in on the company. Cantor Fitzgerald restated an "overweight" rating and set a $5.00 target price on shares of EVgo in a research note on Monday, September 30th. Marathon Capitl upgraded EVgo from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. cut their target price on EVgo from $8.00 to $7.00 and set an "overweight" rating on the stock in a research report on Friday, December 20th. TD Cowen raised shares of EVgo from a "hold" rating to a "buy" rating and raised their price target for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. Finally, Royal Bank of Canada lifted their price target on shares of EVgo from $4.00 to $8.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 9th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $6.61.

EVgo Stock Down 7.7 %

Shares of NYSE EVGO traded down $0.30 on Thursday, hitting $3.59. The company had a trading volume of 6,204,242 shares, compared to its average volume of 5,403,660. The firm has a market capitalization of $1.09 billion, a P/E ratio of -8.55 and a beta of 2.35. EVgo has a 12-month low of $1.65 and a 12-month high of $9.07. The business has a 50 day moving average of $5.24 and a two-hundred day moving average of $5.00.

EVgo (NYSE:EVGO - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to the consensus estimate of $66.52 million. During the same period last year, the business earned ($0.09) earnings per share. The firm's quarterly revenue was up 92.3% compared to the same quarter last year. On average, sell-side analysts anticipate that EVgo will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director David Nanus sold 23,000,000 shares of the company's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the transaction, the director now directly owns 5,882,352 shares in the company, valued at $29,411,760. This represents a 79.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Badar Khan sold 166,725 shares of the firm's stock in a transaction on Thursday, November 14th. The shares were 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 $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,184,104 shares of company stock valued at $115,932,044. Company insiders own 66.96% of the company's stock.

Hedge Funds Weigh In On EVgo

Several institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in EVgo during the 3rd quarter valued at about $51,000. Creative Planning boosted its position in shares of EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company's stock worth $55,000 after buying an additional 3,297 shares during the period. Legacy Capital Wealth Partners LLC grew its holdings in EVgo by 31.8% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company's stock worth $60,000 after buying an additional 3,500 shares in the last quarter. Point72 DIFC Ltd bought a new position in EVgo in the 2nd quarter worth approximately $45,000. Finally, Blueshift Asset Management LLC bought a new stake in EVgo during the 3rd quarter valued at $80,000. 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.