Needham & Company LLC Reaffirms “Hold” Rating for EVgo (NYSE:EVGO)

EVgo (NYSE:EVGO)‘s stock had its “hold” rating restated by Needham & Company LLC in a research note issued on Wednesday,Benzinga reports.

Other analysts have also issued reports about the company. Royal Bank of Canada upped their price target on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Capital One Financial upgraded EVgo to a “strong-buy” rating in a research note on Monday, September 16th. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and increased their target price for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. UBS Group raised shares of EVgo from a “neutral” rating to a “buy” rating and boosted their price target for the company from $4.00 to $8.50 in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. raised shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price objective for the company in a report on Thursday, October 3rd. 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 stock. According to data from MarketBeat, EVgo has a consensus rating of “Buy” and an average target price of $6.61.

EVgo Stock Performance

EVGO opened at $5.05 on Wednesday. EVgo has a fifty-two week low of $1.65 and a fifty-two week high of $9.07. The firm has a 50-day moving average of $6.10 and a 200 day moving average of $4.02. The firm has a market cap of $1.53 billion, a P/E ratio of -12.02 and a beta of 2.38.

EVgo (NYSE:EVGO) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share 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 analysts’ expectations of $66.52 million. The firm’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) earnings per share. Equities research analysts predict that EVgo will post -0.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EVgo

Several large investors have recently added to or reduced their stakes in EVGO. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of EVgo in the 1st quarter valued at about $71,000. SG Americas Securities LLC bought a new stake in EVgo during the first quarter valued at approximately $41,000. Bleakley Financial Group LLC purchased a new position in EVgo in the 1st quarter worth approximately $36,000. Vanguard Group Inc. increased its holdings in shares of EVgo by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after buying an additional 37,168 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of EVgo by 11.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock valued at $160,000 after buying an additional 6,633 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.