EVgo, Inc. (NYSE:EVGO) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of EVgo, Inc. (NYSE:EVGO) have been given a consensus recommendation of “Moderate Buy” by the seven research firms that are presently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $4.00.

Several research analysts recently weighed in on the stock. Evercore ISI reduced their price target on shares of EVgo from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Monday, May 13th. Citigroup reduced their price target on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Cantor Fitzgerald upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and reduced their price target for the stock from $5.00 to $4.00 in a research report on Thursday, May 9th. Benchmark assumed coverage on shares of EVgo in a research report on Wednesday, June 5th. They set a “buy” rating and a $3.00 price target for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Wednesday, May 8th.

Insider Buying and Selling

In other EVgo news, CEO Badar Khan purchased 125,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was bought at an average price of $2.01 per share, with a total value of $251,250.00. Following the transaction, the chief executive officer now directly owns 143,874 shares of the company’s stock, valued at approximately $289,186.74. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 66.96% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On EVgo

Hedge funds and other institutional investors have recently modified their holdings of the company. Voisard Asset Management Group Inc. acquired a new stake in shares of EVgo in the 4th quarter valued at $29,000. Sippican Capital Advisors acquired a new stake in EVgo during the 4th quarter worth $43,000. Simplicity Wealth LLC acquired a new stake in EVgo during the 1st quarter worth $36,000. Bleakley Financial Group LLC acquired a new stake in EVgo during the 1st quarter worth $36,000. Finally, International Assets Investment Management LLC acquired a new stake in EVgo during the 4th quarter worth $580,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

EVgo Stock Performance

NYSE:EVGO opened at $2.04 on Monday. EVgo has a one year low of $1.65 and a one year high of $5.95. The firm has a market cap of $616.14 million, a price-to-earnings ratio of -5.37 and a beta of 2.54. The firm’s fifty day moving average is $2.00 and its two-hundred day moving average is $2.50.

EVgo (NYSE:EVGO) last posted its earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.02. The firm had revenue of $55.16 million for the quarter, compared to analysts’ expectations of $52.41 million. During the same period in the previous year, the company earned ($0.09) earnings per share. The company’s revenue was up 118.0% compared to the same quarter last year. As a group, equities research analysts predict that EVgo will post -0.38 earnings per share for the current fiscal year.

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.