EVgo (NASDAQ:EVGO) Earns “Hold” Rating from Needham & Company LLC

EVgo (NASDAQ:EVGO)‘s stock had its “hold” rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports.

A number of other research analysts have also commented on EVGO. UBS Group decreased their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. JPMorgan Chase & Co. decreased their target price on EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, EVgo has a consensus rating of “Buy” and a consensus target price of $6.22.

EVgo Trading Down 2.0 %

NASDAQ EVGO opened at $2.51 on Wednesday. The firm’s fifty day moving average price is $3.36 and its two-hundred day moving average price is $4.88. EVgo has a 1 year low of $1.65 and a 1 year high of $9.07. The firm has a market capitalization of $760.91 million, a P/E ratio of -5.98 and a beta of 2.32.

EVgo (NASDAQ:EVGO) last issued its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The firm had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. On average, research analysts anticipate that EVgo will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 17,379 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $4.32, for a total transaction of $75,077.28. Following the sale, the president now directly owns 13,655 shares of the company’s stock, valued at approximately $58,989.60. This represents a 56.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were 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 directly owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. This trade represents a 79.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,061,563 shares of company stock worth $115,225,745 in the last 90 days. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

A number of institutional investors and hedge funds have recently made changes to their positions in EVGO. Mariner LLC acquired a new position in shares of EVgo during the 4th quarter worth $48,000. International Assets Investment Management LLC acquired a new position in EVgo during the third quarter worth about $51,000. Creative Planning lifted its holdings in shares of EVgo by 32.7% in the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after acquiring an additional 3,297 shares during the last quarter. FORA Capital LLC bought a new position in shares of EVgo in the fourth quarter worth about $56,000. Finally, Legacy Capital Wealth Partners LLC boosted its stake in shares of EVgo by 31.8% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after purchasing an additional 3,500 shares in the last quarter. Institutional investors own 17.44% of the company’s stock.

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.