Brokerages Set EVgo, Inc. (NYSE:EVGO) Price Target at $6.22

Shares of EVgo, Inc. (NYSE:EVGO) have earned an average rating of “Buy” from the twelve ratings firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $6.22.

Several brokerages have recently commented on EVGO. Royal Bank of Canada boosted their target price on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Thursday, January 16th. UBS Group cut their price target on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. JPMorgan Chase & Co. cut their price target on EVgo from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Friday, December 20th. Finally, Stifel Nicolaus lifted 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.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 17,379 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was 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. This represents a 56.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Badar Khan sold 166,725 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. In the last three months, insiders sold 23,184,104 shares of company stock valued at $115,932,044. 66.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On EVgo

Several institutional investors and hedge funds have recently modified their holdings of EVGO. Point72 DIFC Ltd acquired a new position in EVgo during the 2nd quarter worth approximately $45,000. International Assets Investment Management LLC acquired a new position in EVgo during the 3rd quarter worth approximately $51,000. Creative Planning boosted its position in EVgo by 32.7% during the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after acquiring an additional 3,297 shares during the last quarter. Legacy Capital Wealth Partners LLC boosted its position in EVgo by 31.8% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after acquiring an additional 3,500 shares during the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new position in EVgo during the 4th quarter worth approximately $72,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

EVgo Price Performance

EVGO opened at $3.47 on Tuesday. EVgo has a fifty-two week low of $1.65 and a fifty-two week high of $9.07. The firm’s fifty day moving average price is $4.71 and its two-hundred day moving average price is $5.02. The company has a market capitalization of $1.05 billion, a P/E ratio of -8.26 and a beta of 2.35.

EVgo (NYSE:EVGO) last posted its quarterly 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 business had revenue of $67.50 million for the quarter, compared to analysts’ expectations of $66.52 million. During the same quarter in the prior year, the company earned ($0.09) EPS. EVgo’s quarterly revenue was up 92.3% on a year-over-year basis. On average, equities research analysts expect that EVgo will post -0.45 EPS for the current fiscal year.

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.