EVgo, Inc. (NYSE:EVGO) Given Average Rating of “Buy” by Brokerages

EVgo, Inc. (NYSE:EVGO) has earned an average recommendation of “Buy” from the twelve ratings firms that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $6.61.

A number of brokerages have recently weighed in on EVGO. Stifel Nicolaus raised their target price on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of EVgo in a research note on Monday, September 30th. Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and raised their price target for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, Royal Bank of Canada upped their price objective on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th.

EVgo Price Performance

Shares of EVGO stock opened at $6.37 on Monday. EVgo has a one year low of $1.65 and a one year high of $9.07. The stock has a fifty day moving average price of $6.73 and a 200 day moving average price of $4.52. The stock has a market cap of $1.93 billion, a P/E ratio of -15.17 and a beta of 2.24.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to analysts’ expectations of $66.52 million. During the same period last year, the company posted ($0.09) EPS. The firm’s revenue for the quarter was up 92.3% on a year-over-year basis. Equities research analysts anticipate that EVgo will post -0.41 EPS for the current year.

Insider Buying and Selling

In other news, CEO Badar Khan sold 166,725 shares of EVgo stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the transaction, the chief executive officer now owns 348,761 shares of the company’s stock, valued at $1,792,631.54. This trade represents a 32.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 66.96% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On EVgo

Large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP raised its holdings in EVgo by 66.4% in the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after acquiring an additional 651,475 shares during the period. Vanguard Group Inc. increased its stake in shares of EVgo by 0.4% during the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after purchasing an additional 37,168 shares during the period. International Assets Investment Management LLC acquired a new stake in EVgo during the 3rd quarter worth approximately $51,000. Point72 Asset Management L.P. bought a new stake in EVgo in the 2nd quarter valued at $1,749,000. Finally, SIR Capital Management L.P. grew its holdings in EVgo by 76.9% in the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after buying an additional 416,800 shares in the last quarter. 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.