EVgo, Inc. (NYSE:EVGO) Receives Consensus Recommendation of “Buy” from Analysts

EVgo, Inc. (NYSE:EVGO) has been assigned an average recommendation of “Buy” from the twelve ratings firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $6.61.

EVGO has been the subject of a number of recent research reports. Stifel Nicolaus lifted their price objective on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Royal Bank of Canada boosted their price objective on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. 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 raised EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. dropped their target price on EVgo from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Friday, December 20th.

Insider Buying and Selling at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of the company’s stock in a transaction that occurred on 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 owns 348,761 shares in the company, valued at $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the transaction, the director now owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their position. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Legacy Capital Wealth Partners LLC bought a new position in EVgo during the 2nd quarter worth $27,000. Point72 DIFC Ltd bought a new position in shares of EVgo during the second quarter worth about $45,000. International Assets Investment Management LLC acquired a new stake in shares of EVgo in the 3rd quarter worth about $51,000. Creative Planning lifted its position in EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after purchasing an additional 3,297 shares during the last quarter. Finally, Blueshift Asset Management LLC acquired a new position in EVgo during the 3rd quarter valued at about $80,000. 17.44% of the stock is owned by institutional investors and hedge funds.

EVgo Trading Up 3.5 %

EVGO stock opened at $4.19 on Friday. The company’s 50-day moving average price is $6.03 and its 200 day moving average price is $4.86. EVgo has a 52 week low of $1.65 and a 52 week high of $9.07. The company has a market cap of $1.27 billion, a P/E ratio of -9.98 and a beta of 2.24.

EVgo (NYSE:EVGO) last posted its 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 during the quarter, compared to the consensus estimate of $66.52 million. During the same quarter last year, the firm posted ($0.09) EPS. The business’s quarterly revenue was up 92.3% compared to the same quarter last year. On average, equities research analysts expect that EVgo will post -0.41 earnings per share 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.