EVgo, Inc. (NASDAQ:EVGO) Receives Average Rating of “Buy” from Analysts

EVgo, Inc. (NASDAQ:EVGO) has earned an average rating of “Buy” from the twelve brokerages that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $6.11.

EVGO has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. UBS Group dropped their target price on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.00 price objective on shares of EVgo in a report on Wednesday, March 5th. Stifel Nicolaus dropped their price objective on shares of EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Wednesday, March 5th.

EVgo Trading Down 0.8 %

NASDAQ:EVGO opened at $2.56 on Wednesday. The company has a market cap of $784.19 million, a PE ratio of -6.10 and a beta of 2.37. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07. The company’s 50 day moving average is $3.08 and its two-hundred day moving average is $4.80.

EVgo (NASDAQ:EVGO) last released its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.04. The company had revenue of $67.51 million for the quarter, compared to analysts’ expectations of $69.49 million. As a group, analysts expect that EVgo will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other EVgo news, President Dennis G. Kish sold 44,184 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the transaction, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. This represents a 31.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 66.96% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On EVgo

A number of large investors have recently added to or reduced their stakes in EVGO. Millennium Management LLC raised its position in shares of EVgo by 394.4% in the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock valued at $18,727,000 after buying an additional 3,688,614 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of EVgo by 175.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock valued at $20,046,000 after buying an additional 3,153,073 shares during the last quarter. SIR Capital Management L.P. raised its position in shares of EVgo by 326.3% in the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock valued at $14,311,000 after buying an additional 2,704,662 shares during the last quarter. Two Sigma Advisers LP raised its position in shares of EVgo by 2,533.6% in the fourth quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock valued at $10,101,000 after buying an additional 2,399,300 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock valued at $49,414,000 after buying an additional 2,043,449 shares during the last quarter. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.