JPMorgan Chase & Co. Issues Pessimistic Forecast for EVgo (NASDAQ:EVGO) Stock Price

EVgo (NASDAQ:EVGO) had its price target cut by investment analysts at JPMorgan Chase & Co. from $6.00 to $5.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 110.97% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Wednesday, March 5th. Cantor Fitzgerald restated an “overweight” rating and set a $8.00 price target on shares of EVgo in a research note on Wednesday, March 5th. Stifel Nicolaus lowered their price target on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Finally, UBS Group cut their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, EVgo has an average rating of “Buy” and a consensus target price of $6.11.

EVgo Stock Down 1.2 %

EVGO stock opened at $2.37 on Wednesday. EVgo has a 52-week low of $1.65 and a 52-week high of $9.07. The stock has a market cap of $718.47 million, a price-to-earnings ratio of -5.64 and a beta of 2.37. The business has a fifty day moving average of $3.19 and a two-hundred day moving average of $4.84.

EVgo (NASDAQ:EVGO) last released its quarterly 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 business had revenue of $67.51 million for the quarter, compared to analysts’ expectations of $69.49 million. As a group, sell-side analysts anticipate that EVgo will post -0.45 EPS for the current year.

Insiders Place Their Bets

In other news, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction 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. The trade was a 79.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Dennis G. Kish sold 44,184 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following the sale, the president now owns 95,986 shares in the company, valued at $327,312.26. The trade was a 31.52 % decrease in their ownership of the stock. 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 quarter. 66.96% of the stock is owned by company insiders.

Institutional Investors Weigh In On EVgo

Several institutional investors have recently modified their holdings of EVGO. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in EVgo in the fourth quarter valued at $1,001,000. Voloridge Investment Management LLC purchased a new position in shares of EVgo in the 4th quarter valued at about $5,682,000. Two Sigma Advisers LP raised its position in shares of EVgo by 2,533.6% during the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock worth $10,101,000 after acquiring an additional 2,399,300 shares in the last quarter. Two Sigma Investments LP lifted its stake in EVgo by 296.4% during the fourth quarter. Two Sigma Investments LP now owns 2,720,342 shares of the company’s stock worth $11,017,000 after purchasing an additional 2,034,045 shares during the last quarter. Finally, Teza Capital Management LLC purchased a new stake in EVgo during the fourth quarter worth approximately $144,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

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.