JPMorgan Chase & Co. Lowers EVgo (NYSE:EVGO) Price Target to $6.00

EVgo (NYSE:EVGO) had its price target dropped by research analysts at JPMorgan Chase & Co. from $7.00 to $6.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 96.72% from the stock’s current price.

Several other equities research analysts also recently issued reports on EVGO. Stifel Nicolaus raised their price target on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. UBS Group lowered their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, EVgo presently has a consensus rating of “Buy” and a consensus target price of $6.11.

EVgo Price Performance

Shares of EVgo stock opened at $3.05 on Wednesday. The business has a fifty day simple moving average of $3.78 and a two-hundred day simple moving average of $4.96. EVgo has a 1 year low of $1.65 and a 1 year high of $9.07. The company has a market capitalization of $924.61 million, a price-to-earnings ratio of -7.26 and a beta of 2.32.

Insider Buying and Selling

In other EVgo news, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the transaction, the director now owns 5,882,352 shares in the company, valued at approximately $29,411,760. This represents a 79.63 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,061,563 shares of company stock worth $115,225,745. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mariner LLC bought a new position in EVgo in the fourth quarter valued at about $48,000. International Assets Investment Management LLC bought a new position in EVgo in the third quarter valued at about $51,000. Creative Planning grew its position in EVgo by 32.7% in the third quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after acquiring an additional 3,297 shares during the last quarter. FORA Capital LLC acquired a new stake in shares of EVgo during the fourth quarter valued at about $56,000. Finally, Legacy Capital Wealth Partners LLC boosted its stake in shares of EVgo by 31.8% during the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after purchasing an additional 3,500 shares in the last quarter. Institutional investors 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.