Stifel Nicolaus Issues Pessimistic Forecast for EVgo (NASDAQ:EVGO) Stock Price

EVgo (NASDAQ:EVGO) had its price objective dropped by Stifel Nicolaus from $10.00 to $8.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective points to a potential upside of 210.08% from the stock’s current price.

Several other equities analysts have also commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research note on Wednesday. UBS Group reduced 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.00 price target on shares of EVgo in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, EVgo presently has an average rating of “Buy” and a consensus target price of $6.22.

EVgo Price Performance

Shares of NASDAQ EVGO opened at $2.58 on Thursday. The firm has a fifty day moving average price of $3.36 and a 200-day moving average price of $4.88. The stock has a market cap of $782.13 million, a PE ratio of -6.14 and a beta of 2.37. EVgo has a 1 year low of $1.65 and a 1 year high of $9.07.

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

Insider Buying and Selling at EVgo

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

Institutional Inflows and Outflows

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