EVgo (NYSE:EVGO) Price Target Cut to $5.00 by Analysts at UBS Group

EVgo (NYSE:EVGO) had its target price trimmed by UBS Group from $8.00 to $5.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also recently weighed in on EVGO. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. Royal Bank of Canada boosted their price target on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. cut their price objective on EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Thursday, January 16th. Finally, Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Two investment 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’s stock. According to MarketBeat, EVgo currently has a consensus rating of “Buy” and a consensus target price of $6.22.

EVgo Stock Down 0.3 %

Shares of NYSE EVGO opened at $3.43 on Monday. EVgo has a 52-week low of $1.65 and a 52-week high of $9.07. The business’s 50 day moving average is $4.93 and its two-hundred day moving average is $5.05. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -8.17 and a beta of 2.35.

EVgo (NYSE:EVGO) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The company had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. The company’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.09) EPS. Analysts anticipate that EVgo will post -0.45 EPS for the current fiscal year.

Insider Transactions at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $5.14, for a total transaction of $856,966.50. Following the transaction, the chief executive officer now owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Dennis G. Kish sold 17,379 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $4.32, for a total value of $75,077.28. Following the completion of the sale, the president now directly owns 13,655 shares of the company’s stock, valued at $58,989.60. The trade was a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,184,104 shares of company stock valued at $115,932,044. Corporate insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Several hedge funds have recently made changes to their positions in EVGO. State Street Corp grew its position in EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after buying an additional 847,777 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of EVgo by 3.9% in the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after acquiring an additional 90,887 shares in the last quarter. Marshall Wace LLP increased its stake in shares of EVgo by 66.4% during the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after acquiring an additional 651,475 shares during the period. Point72 Asset Management L.P. purchased a new position in EVgo during the second quarter worth about $1,749,000. Finally, HITE Hedge Asset Management LLC lifted its position in EVgo by 105.0% in the third quarter. HITE Hedge Asset Management LLC now owns 413,906 shares of the company’s stock valued at $1,714,000 after purchasing an additional 212,004 shares during the period. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.