EVgo (NYSE:EVGO) Rating Increased to Overweight at JPMorgan Chase & Co.

EVgo (NYSE:EVGO) was upgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage presently has a $7.00 price target on the stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 2.78% from the stock’s current price.

EVGO has been the topic of several other reports. Stifel Nicolaus lowered their price target on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Thursday, August 29th. UBS Group assumed coverage on shares of EVgo in a research report on Monday, July 22nd. They set a “neutral” rating and a $4.00 price objective on the stock. Benchmark lifted their price objective on shares of EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, 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. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.22.

EVgo Price Performance

Shares of EVGO opened at $7.20 on Thursday. EVgo has a one year low of $1.65 and a one year high of $7.69. The company has a 50-day moving average of $4.07 and a two-hundred day moving average of $2.94. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -18.97 and a beta of 2.58.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million for the quarter, compared to analyst estimates of $59.40 million. The company’s revenue was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.08) earnings per share. Analysts anticipate that EVgo will post -0.4 earnings per share for the current year.

Insider Activity

In other EVgo news, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the sale, the president now owns 47,614 shares in the company, valued at $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other EVgo news, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the transaction, the president now owns 47,614 shares in the company, valued at $171,410.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Francine Sullivan sold 12,584 shares of EVgo 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 sale, the insider now directly owns 117,327 shares in the company, valued at $422,377.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EVgo

Several large investors have recently made changes to their positions in the company. Legacy Capital Wealth Partners LLC bought a new position in EVgo during the 2nd quarter valued at about $27,000. Voisard Asset Management Group Inc. bought a new position in EVgo in the 4th quarter valued at $29,000. Bleakley Financial Group LLC acquired a new position in EVgo in the first quarter worth $36,000. SG Americas Securities LLC bought a new stake in shares of EVgo during the first quarter worth $41,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of EVgo in the second quarter valued at $45,000. 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.