EVgo (NYSE:EVGO) Given New $6.00 Price Target at JPMorgan Chase & Co.

EVgo (NYSE:EVGO - Free Report) had its price objective lowered by JPMorgan Chase & Co. from $7.00 to $6.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages also recently weighed in on EVGO. Marathon Capitl raised EVgo from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 22nd. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research report on Thursday, January 16th. Stifel Nicolaus raised their price objective on EVgo from $6.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Finally, UBS Group lowered their price target on EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, EVgo has a consensus rating of "Buy" and an average target price of $6.11.

EVgo Trading Down 4.6 %

Shares of EVGO traded down $0.14 during midday trading on Wednesday, reaching $2.91. 3,745,597 shares of the stock were exchanged, compared to its average volume of 4,754,821. 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 $3.78 and its two-hundred day moving average is $4.96. The company has a market capitalization of $882.17 million, a P/E ratio of -6.93 and a beta of 2.32.

Insider Buying and Selling at EVgo

In other news, 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 sale, the director now directly owns 5,882,352 shares of the company's stock, valued at $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Dennis G. Kish sold 17,379 shares of EVgo stock in a transaction that occurred 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 sale, the president now directly owns 13,655 shares in the company, valued at $58,989.60. This represents a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,061,563 shares of company stock valued at $115,225,745. Company insiders own 66.96% of the company's stock.

Hedge Funds Weigh In On EVgo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. Creative Planning boosted its stake in 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 last quarter. International Assets Investment Management LLC acquired a new position in EVgo during the 3rd quarter worth about $51,000. Legacy Capital Wealth Partners LLC lifted its stake in EVgo by 31.8% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company's stock worth $60,000 after acquiring an additional 3,500 shares in the last quarter. Intech Investment Management LLC acquired a new position in EVgo during the 3rd quarter worth about $158,000. Finally, DRW Securities LLC acquired a new position in EVgo during the 3rd quarter worth about $114,000. 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.