Roth Capital Has Negative Outlook for EVgo FY2024 Earnings

EVgo, Inc. (NYSE:EVGO) – Stock analysts at Roth Capital lowered their FY2024 earnings per share estimates for EVgo in a research note issued to investors on Tuesday, November 12th. Roth Capital analyst C. Irwin now expects that the company will post earnings per share of ($0.41) for the year, down from their previous forecast of ($0.40). The consensus estimate for EVgo’s current full-year earnings is ($0.40) per share. Roth Capital also issued estimates for EVgo’s Q1 2025 earnings at ($0.09) EPS, Q2 2025 earnings at ($0.08) EPS, Q3 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.03) EPS, FY2025 earnings at ($0.27) EPS and FY2026 earnings at ($0.16) EPS.

Several other brokerages have also weighed in on EVGO. Stifel Nicolaus increased their target price on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Royal Bank of Canada increased their target price on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. UBS Group raised EVgo from a “neutral” rating to a “buy” rating and raised their price objective for the company from $4.00 to $8.50 in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. raised EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research report on Thursday, October 3rd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $6.61.

EVgo Stock Down 2.9 %

Shares of EVGO opened at $5.05 on Friday. The stock’s fifty day simple moving average is $6.10 and its 200 day simple moving average is $4.02. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07.

EVgo (NYSE:EVGO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The company had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. The company’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.09) earnings per share.

Institutional Trading of EVgo

Hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning grew its stake in EVgo by 32.7% in the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares in the last quarter. Legacy Capital Wealth Partners LLC grew its stake in EVgo by 31.8% in the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after purchasing an additional 3,500 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in EVgo by 11.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock worth $160,000 after purchasing an additional 6,633 shares in the last quarter. SG Americas Securities LLC grew its stake in EVgo by 47.0% in the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after purchasing an additional 7,687 shares in the last quarter. Finally, Atria Wealth Solutions Inc. grew its stake in EVgo by 2.8% in the second quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock worth $811,000 after purchasing an additional 8,940 shares in the last quarter. 17.44% of the stock is owned by hedge funds and other institutional investors.

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.