EVgo (NYSE:EVGO) Trading 4.8% Higher Following Analyst Upgrade

EVgo, Inc. (NYSE:EVGO)’s stock price shot up 4.8% during trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $4.00 to $8.00. Royal Bank of Canada currently has an outperform rating on the stock. EVgo traded as high as $7.10 and last traded at $6.99. 2,369,760 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 4,102,120 shares. The stock had previously closed at $6.67.

Several other brokerages have also recently issued reports on EVGO. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price target on shares of EVgo in a research report on Monday, September 30th. Stifel Nicolaus decreased their price target on shares of EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Thursday, August 29th. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Benchmark increased their price objective on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $5.67.

Insiders Place Their Bets

In other EVgo news, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 117,327 shares in the company, valued at approximately $422,377.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other EVgo news, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the transaction, the president now directly owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares in the company, valued at $422,377.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in EVGO. Legacy Capital Wealth Partners LLC bought a new position in shares of EVgo during the second quarter valued at about $27,000. Voisard Asset Management Group Inc. bought a new position in shares of EVgo during the fourth quarter valued at about $29,000. Bleakley Financial Group LLC bought a new position in shares of EVgo during the first quarter valued at about $36,000. SG Americas Securities LLC bought a new position in shares of EVgo during the first quarter valued at about $41,000. Finally, Point72 DIFC Ltd bought a new position in shares of EVgo during the second quarter valued at about $45,000. 17.44% of the stock is owned by institutional investors.

EVgo Stock Up 4.2 %

The business’s 50-day moving average is $4.25 and its two-hundred day moving average is $3.04. The company has a market capitalization of $2.10 billion, a P/E ratio of -18.76 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 the consensus estimate of ($0.11) by $0.01. The company had revenue of $66.62 million during the quarter, compared to the consensus estimate of $59.40 million. The business’s revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.08) EPS. Analysts predict that EVgo, Inc. will post -0.4 EPS for the current 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.