EVgo (NYSE:EVGO) PT Lowered to $6.00 at Stifel Nicolaus

EVgo (NYSE:EVGO) had its price target cut by Stifel Nicolaus from $7.00 to $6.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on the stock. Needham & Company LLC reiterated a hold rating on shares of EVgo in a research report on Friday, August 2nd. Citigroup lowered their price objective on EVgo from $3.00 to $2.00 and set a neutral rating on the stock in a research note on Thursday, May 9th. UBS Group started 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. Benchmark boosted their price target on shares of EVgo from $3.00 to $5.00 and gave the company a buy rating in a research note on Friday, July 12th. Finally, Cantor Fitzgerald raised their target price on EVgo from $4.00 to $5.00 and gave the company an overweight rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, EVgo has an average rating of Moderate Buy and a consensus target price of $4.63.

EVgo Price Performance

NYSE EVGO traded down $0.10 during midday trading on Tuesday, hitting $3.70. 605,118 shares of the company traded hands, compared to its average volume of 3,212,667. The company has a market cap of $1.12 billion, a PE ratio of -10.00 and a beta of 2.58. The company’s 50-day simple moving average is $2.89 and its 200-day simple moving average is $2.49. EVgo has a 52 week low of $1.65 and a 52 week high of $4.82.

EVgo (NYSE:EVGO) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. The business had revenue of $66.62 million during the quarter, compared to analysts’ expectations of $59.40 million. During the same period in the previous year, the company posted ($0.08) earnings per share. EVgo’s revenue for the quarter was up 31.8% compared to the same quarter last year. On average, research analysts predict that EVgo will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Badar Khan purchased 125,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average cost of $2.01 per share, for a total transaction of $251,250.00. Following the purchase, the chief executive officer now directly owns 143,874 shares of the company’s stock, valued at $289,186.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 66.96% of the stock is owned by company insiders.

Institutional Trading of EVgo

Several hedge funds have recently made changes to their positions in the company. SIR Capital Management L.P. increased its holdings in EVgo by 76.9% in the second quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after buying an additional 416,800 shares in the last quarter. Legacy Capital Wealth Partners LLC purchased a new position in EVgo in the 2nd quarter valued at approximately $27,000. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in 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 purchasing an additional 152,436 shares in the last quarter. Bank of New York Mellon Corp grew 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 purchasing an additional 46,157 shares during the last quarter. Finally, Atria Wealth Solutions Inc. grew its holdings in EVgo by 2.8% in the second quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock valued at $811,000 after purchasing an additional 8,940 shares during the last quarter. Institutional investors and hedge funds 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.