JPMorgan Chase & Co. Cuts EVgo (NYSE:EVGO) Price Target to $7.00

EVgo (NYSE:EVGO) had its price objective trimmed by JPMorgan Chase & Co. from $8.00 to $7.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts have also issued reports about the stock. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and raised their price target for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. UBS Group raised EVgo from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. Royal Bank of Canada upped their target price on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of EVgo in a research note on Monday, September 30th. Finally, Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $6.61.

EVgo Stock Up 1.9 %

EVGO stock opened at $4.36 on Friday. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -10.38 and a beta of 2.24. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07. The firm has a 50 day moving average of $6.65 and a two-hundred day moving average of $4.75.

EVgo (NYSE:EVGO) last released 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 firm had revenue of $67.50 million for the quarter, compared to the consensus estimate of $66.52 million. The firm’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.09) earnings per share. On average, research analysts expect that EVgo will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director David Nanus sold 23,000,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the transaction, the director now owns 5,882,352 shares in the company, valued at $29,411,760. This represents a 79.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Badar Khan sold 166,725 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $5.14, for a total transaction of $856,966.50. Following the sale, the chief executive officer now directly owns 348,761 shares in the company, valued at approximately $1,792,631.54. This represents a 32.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

A number of large investors have recently modified their holdings of EVGO. Marshall Wace LLP increased its holdings in shares of EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares in the last quarter. International Assets Investment Management LLC bought a new position in EVgo in the 3rd quarter valued at $51,000. Verition Fund Management LLC acquired a new stake in shares of EVgo in the 3rd quarter valued at $653,000. Point72 Asset Management L.P. acquired a new stake in shares of EVgo in the 2nd quarter valued at $1,749,000. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of EVgo during the second quarter worth $495,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.