Royal Bank of Canada Boosts EVgo (NYSE:EVGO) Price Target to $8.00

EVgo (NYSE:EVGO) had its price objective hoisted by equities research analysts at Royal Bank of Canada from $4.00 to $8.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 12.20% from the stock’s previous close.

Several other research firms have also recently weighed in on EVGO. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and lifted their price target for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of EVgo in a research report on Monday, September 30th. Stifel Nicolaus lowered their price objective on shares of EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. UBS Group began coverage on EVgo in a report on Monday, July 22nd. They set a “neutral” rating and a $4.00 target price on the stock. Finally, JPMorgan Chase & Co. upgraded EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $5.67.

EVgo Price Performance

EVgo stock traded up $0.46 during trading hours on Wednesday, reaching $7.13. The stock had a trading volume of 5,119,574 shares, compared to its average volume of 4,116,222. The stock has a market cap of $2.15 billion, a PE ratio of -18.76 and a beta of 2.58. The company has a fifty day simple moving average of $4.25 and a 200-day simple moving average of $3.04. EVgo has a 52 week low of $1.65 and a 52 week high of $7.69.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $59.40 million. During the same quarter in the prior year, the firm earned ($0.08) EPS. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. Research analysts predict that EVgo will post -0.4 earnings per share for the current fiscal year.

Insider Activity at EVgo

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legacy Capital Wealth Partners LLC bought a new stake in EVgo in the 2nd quarter worth approximately $27,000. Voisard Asset Management Group Inc. purchased a new stake in EVgo during the fourth quarter valued at $29,000. Bleakley Financial Group LLC purchased a new stake in EVgo during the first quarter valued at $36,000. SG Americas Securities LLC bought a new position in EVgo in the first quarter valued at about $41,000. Finally, Point72 DIFC Ltd purchased a new position in EVgo in the second quarter worth about $45,000. Institutional investors own 17.44% of the company’s stock.

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.