EVgo’s (EVGO) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of EVgo (NYSE:EVGO) in a research report released on Friday, Benzinga reports.

Other equities research analysts have also recently issued reports about the stock. Evercore ISI cut their price objective on shares of EVgo from $8.00 to $7.00 and set an outperform rating for the company in a research report on Monday, May 13th. Cantor Fitzgerald restated an overweight rating and set a $4.00 price target on shares of EVgo in a report on Monday, July 22nd. Benchmark lifted their price target on shares of EVgo from $3.00 to $5.00 and gave the company a buy rating in a research report on Friday, July 12th. UBS Group began coverage on EVgo in a research report on Monday, July 22nd. They issued a neutral rating and a $4.00 price objective for the company. Finally, Royal Bank of Canada reissued an outperform rating and set a $4.00 target price on shares of EVgo in a research note on Friday, April 5th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, EVgo presently has an average rating of Moderate Buy and a consensus price target of $4.43.

EVgo Trading Up 4.1 %

Shares of EVgo stock traded up $0.15 on Friday, hitting $3.77. 6,136,224 shares of the company were exchanged, compared to its average volume of 4,636,488. The company has a 50-day moving average price of $2.77 and a 200 day moving average price of $2.46. EVgo has a 1-year low of $1.65 and a 1-year high of $5.95.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $66.62 million for the quarter, compared to analyst estimates of $59.40 million. During the same period last year, the firm posted ($0.08) EPS. The business’s quarterly revenue was up 31.8% on a year-over-year basis. Analysts predict that EVgo will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at EVgo

In other news, CEO Badar Khan bought 125,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $2.01 per share, with a total value of $251,250.00. Following the purchase, the chief executive officer now owns 143,874 shares in the company, valued at $289,186.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 66.96% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On EVgo

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in EVgo by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after purchasing an additional 37,168 shares during the period. Wellington Management Group LLP grew its position in shares of EVgo by 34.9% during the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after buying an additional 951,272 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in shares of EVgo by 42.6% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company’s stock worth $1,251,000 after buying an additional 152,436 shares during the period. Bank of New York Mellon Corp raised its holdings in EVgo by 12.7% in the second quarter. Bank of New York Mellon Corp now owns 408,687 shares of the company’s stock valued at $1,001,000 after acquiring an additional 46,157 shares in the last quarter. Finally, Atria Wealth Solutions Inc. lifted its stake in EVgo by 2.8% in the second quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock worth $811,000 after acquiring an additional 8,940 shares during the last quarter. 17.44% of the stock is owned by hedge funds and other institutional investors.

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.