EVgo (NYSE:EVGO) Given New $5.00 Price Target at UBS Group

EVgo (NYSE:EVGO) had its price objective reduced by equities research analysts at UBS Group from $8.00 to $5.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target points to a potential upside of 45.56% from the stock’s current price.

Other research analysts also recently issued reports about 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. TD Cowen raised 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 report on Thursday, October 3rd. Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada raised their price target on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Finally, Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Thursday, January 16th. 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $6.22.

EVgo Trading Down 0.1 %

Shares of NYSE:EVGO traded down $0.01 on Monday, reaching $3.44. The company had a trading volume of 2,366,579 shares, compared to its average volume of 5,616,590. The firm has a market capitalization of $1.04 billion, a PE ratio of -8.15 and a beta of 2.35. EVgo has a 52-week low of $1.65 and a 52-week high of $9.07. The firm’s 50 day simple moving average is $4.97 and its 200-day simple moving average is $5.05.

EVgo (NYSE:EVGO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. During the same period in the previous year, the company earned ($0.09) EPS. The business’s quarterly revenue was up 92.3% compared to the same quarter last year. As a group, equities research analysts predict that EVgo will post -0.45 earnings per share for the current year.

Insider Transactions at EVgo

In related news, CEO Badar Khan sold 166,725 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total transaction of $856,966.50. Following the sale, the chief executive officer now directly owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Dennis G. Kish sold 17,379 shares of EVgo stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold 23,184,104 shares of company stock worth $115,932,044 over the last quarter. 66.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On EVgo

A number of hedge funds have recently bought and sold shares of the business. State Street Corp grew its position in shares of EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after purchasing an additional 847,777 shares during the period. Marshall Wace LLP increased its stake in EVgo by 66.4% during the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after buying an additional 651,475 shares in the last quarter. Geode Capital Management LLC increased its stake in EVgo by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after buying an additional 90,887 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of EVgo in the third quarter valued at approximately $51,000. Finally, Verition Fund Management LLC purchased a new stake in shares of EVgo during the third quarter worth approximately $653,000. Hedge funds and other 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.