EVgo, Inc. (NYSE:EVGO) Receives $6.11 Average Target Price from Brokerages

EVgo, Inc. (NYSE:EVGO) has been assigned a consensus recommendation of “Buy” from the twelve analysts that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $6.11.

EVGO has been the topic of several recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Thursday, January 16th. Stifel Nicolaus increased their target price on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. UBS Group dropped their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. dropped their price objective on EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, February 19th.

Insider Transactions at EVgo

In related news, Director David Nanus sold 23,000,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the sale, the director now owns 5,882,352 shares in the company, valued at $29,411,760. This trade represents a 79.63 % 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, President Dennis G. Kish sold 17,379 shares of the firm’s stock in a transaction dated 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 sale, the president now owns 13,655 shares of the company’s stock, valued at approximately $58,989.60. The trade was a 56.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,061,563 shares of company stock worth $115,225,745. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EVGO. State Street Corp increased its stake in shares of EVgo by 25.3% during the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after purchasing an additional 847,777 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of 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 purchasing an additional 90,887 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of EVgo during the 3rd quarter worth approximately $51,000. Verition Fund Management LLC purchased a new position in shares of EVgo during the 3rd quarter worth approximately $653,000. Finally, Barclays PLC increased its stake in shares of EVgo by 280.6% during the 3rd quarter. Barclays PLC now owns 132,981 shares of the company’s stock worth $551,000 after purchasing an additional 98,041 shares in the last quarter. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Price Performance

NYSE:EVGO opened at $2.67 on Friday. The firm has a market capitalization of $809.41 million, a PE ratio of -6.36 and a beta of 2.32. The business’s fifty day moving average price is $3.64 and its 200 day moving average price is $4.96. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07.

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.