EVgo (NYSE:EVGO) Upgraded to Strong-Buy at Marathon Capitl

Marathon Capitl upgraded shares of EVgo (NYSE:EVGO - Free Report) from a hold rating to a strong-buy rating in a research note published on Tuesday, Zacks.com reports.

Several other research firms have also issued reports on EVGO. JPMorgan Chase & Co. upgraded shares of EVgo from a "neutral" rating to an "overweight" rating and set a $7.00 target price for the company in a report on Thursday, October 3rd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $5.00 target price on shares of EVgo in a research report on Monday, September 30th. Royal Bank of Canada boosted their price target on EVgo from $4.00 to $8.00 and gave the company an "outperform" rating in a report on Wednesday, October 9th. Needham & Company LLC restated a "hold" rating on shares of EVgo in a report on Thursday, August 29th. Finally, TD Cowen upgraded shares of EVgo from a "hold" rating to a "buy" rating and increased their price objective for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, EVgo has an average rating of "Buy" and a consensus price target of $6.17.

EVgo Stock Performance

Shares of EVGO stock traded down $0.25 during mid-day trading on Tuesday, hitting $8.01. The company's stock had a trading volume of 5,148,940 shares, compared to its average volume of 4,312,464. The business has a 50-day moving average price of $5.07 and a 200 day moving average price of $3.42. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of -21.24 and a beta of 2.58. EVgo has a 52-week low of $1.65 and a 52-week high of $8.80.

EVgo (NYSE:EVGO - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.01. The firm had revenue of $66.62 million during the quarter, compared to the consensus estimate of $59.40 million. During the same period in the prior year, the company posted ($0.08) EPS. The firm's revenue was up 31.8% compared to the same quarter last year. Equities research analysts predict that EVgo will post -0.4 EPS for the current fiscal year.

Insider Activity

In related news, insider Francine Sullivan sold 12,584 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares of the company's stock, valued at $422,377.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other EVgo news, insider Francine Sullivan sold 12,584 shares of the company's stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares in the company, valued at approximately $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Dennis G. Kish sold 16,414 shares of the business's stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $59,090.40. Following the transaction, the president now directly owns 47,614 shares of the company's stock, valued at $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 66.96% of the company's stock.

Institutional Investors Weigh In On EVgo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. Legacy Capital Wealth Partners LLC purchased a new stake in EVgo in the 2nd quarter valued at approximately $27,000. Bleakley Financial Group LLC purchased a new position in shares of EVgo in the 1st quarter valued at about $36,000. SG Americas Securities LLC acquired a new stake in shares of EVgo in the first quarter valued at about $41,000. Point72 DIFC Ltd acquired a new position in EVgo during the second quarter worth $45,000. Finally, International Assets Investment Management LLC purchased a new position in EVgo during the third quarter worth $51,000. Hedge funds and other institutional investors own 17.44% of the company's stock.

EVgo Company Profile

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.