JPMorgan Chase & Co. Lowers EVgo (NASDAQ:EVGO) Price Target to $5.00

EVgo (NASDAQ:EVGO - Free Report) had its price target decreased by JPMorgan Chase & Co. from $6.00 to $5.00 in a report issued on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities research analysts have also recently issued reports on EVGO. Stifel Nicolaus dropped their price target on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. UBS Group lowered their target price on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Monday, January 27th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.00 target price on shares of EVgo in a research note on Wednesday, March 5th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, EVgo presently has a consensus rating of "Buy" and a consensus price target of $6.11.

EVgo Price Performance

EVGO traded up $0.03 during trading on Wednesday, reaching $2.40. 2,843,644 shares of the company's stock were exchanged, compared to its average volume of 4,519,514. The stock has a market capitalization of $735.18 million, a P/E ratio of -5.71 and a beta of 2.37. EVgo has a 1 year low of $1.65 and a 1 year high of $9.07. The company's fifty day simple moving average is $3.15 and its 200-day simple moving average is $4.83.

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, beating analysts' consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million during the quarter, compared to analyst estimates of $69.49 million. Equities analysts forecast that EVgo will post -0.45 EPS for the current year.

Insider Activity at EVgo

In other EVgo news, President Dennis G. Kish sold 17,379 shares of EVgo stock in a transaction dated 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Nanus sold 23,000,000 shares of the stock in a transaction dated 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 sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,061,563 shares of company stock worth $115,225,745. Company insiders own 66.96% of the company's stock.

Institutional Trading of EVgo

Several hedge funds have recently made changes to their positions in EVGO. Creative Planning lifted 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 purchasing an additional 3,297 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of EVgo in the third quarter valued at approximately $158,000. DRW Securities LLC acquired a new stake in shares of EVgo in the third quarter valued at approximately $114,000. Blueshift Asset Management LLC acquired a new stake in shares of EVgo in the third quarter valued at approximately $80,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of EVgo by 9.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 122,945 shares of the company's stock worth $509,000 after purchasing an additional 10,532 shares during the period. Institutional investors and hedge funds 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.