EVgo (NYSE:EVGO) Lifted to Overweight at Cantor Fitzgerald

EVgo (NYSE:EVGO) was upgraded by equities researchers at Cantor Fitzgerald from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Thursday, FinViz reports. The firm presently has a $4.00 price objective on the stock, down from their previous price objective of $5.00. Cantor Fitzgerald’s price objective suggests a potential upside of 128.57% from the company’s current price.

A number of other brokerages also recently issued reports on EVGO. Evercore ISI lowered their price target on shares of EVgo from $9.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, March 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $4.00 target price on shares of EVgo in a research note on Friday, April 5th. Finally, Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Wednesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $5.06.

EVgo Trading Down 2.2 %

EVgo stock opened at $1.75 on Thursday. The firm has a 50 day simple moving average of $2.23 and a 200 day simple moving average of $2.60. EVgo has a 1-year low of $1.65 and a 1-year high of $6.20. The firm has a market capitalization of $527.66 million, a price-to-earnings ratio of -3.72 and a beta of 2.53.

EVgo (NYSE:EVGO) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The company had revenue of $55.16 million during the quarter, compared to the consensus estimate of $52.41 million. During the same period in the previous year, the business earned ($0.09) earnings per share. EVgo’s revenue was up 118.0% on a year-over-year basis. On average, equities research analysts forecast that EVgo will post -0.37 EPS for the current year.

Insiders Place Their Bets

In other EVgo news, President Dennis G. Kish sold 34,717 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total transaction of $104,151.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Olga Shevorenkova sold 19,363 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total transaction of $58,089.00. Following the transaction, the chief financial officer now owns 81,991 shares of the company’s stock, valued at approximately $245,973. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Dennis G. Kish sold 34,717 shares of EVgo stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total transaction of $104,151.00. The disclosure for this sale can be found here. Insiders sold a total of 56,230 shares of company stock valued at $167,409 in the last quarter. Corporate insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its holdings in shares of EVgo by 47.8% in the third quarter. Bank of New York Mellon Corp now owns 330,856 shares of the company’s stock worth $1,118,000 after purchasing an additional 107,029 shares during the last quarter. Verdence Capital Advisors LLC purchased a new position in shares of EVgo in the third quarter valued at about $34,000. Fifth Third Bancorp bought a new position in shares of EVgo during the third quarter valued at about $347,000. SCP Investment LP boosted its holdings in shares of EVgo by 180.0% during the third quarter. SCP Investment LP now owns 28,000 shares of the company’s stock worth $95,000 after purchasing an additional 18,000 shares during the period. Finally, Principal Financial Group Inc. purchased a new stake in shares of EVgo during the third quarter worth about $47,000. 17.44% of the stock is owned by institutional investors.

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.