Brokerages Set EVgo, Inc. (NYSE:EVGO) Price Target at $6.17

Shares of EVgo, Inc. (NYSE:EVGO) have received an average rating of “Buy” from the twelve ratings firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $6.17.

A number of analysts recently issued reports on EVGO shares. Capital One Financial raised shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th. UBS Group raised shares of EVgo from a “neutral” rating to a “buy” rating and increased their price target for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and increased their price target for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Stifel Nicolaus lowered their price target on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, Royal Bank of Canada upped their price objective on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th.

EVgo Price Performance

EVGO stock opened at $8.94 on Friday. The firm’s fifty day simple moving average is $5.26 and its 200-day simple moving average is $3.49. The company has a market capitalization of $2.70 billion, a P/E ratio of -23.53 and a beta of 2.58. EVgo has a 12 month low of $1.65 and a 12 month high of $8.99.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The firm had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $59.40 million. During the same period last year, the company posted ($0.08) earnings per share. The business’s quarterly revenue was up 31.8% on a year-over-year basis. As a group, sell-side analysts forecast that EVgo will post -0.4 earnings per share for the current year.

Insider Activity

In other news, insider Francine Sullivan sold 12,584 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the sale, the insider now directly owns 117,327 shares in the company, valued at $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Francine Sullivan sold 12,584 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the sale, the insider now directly owns 117,327 shares in the company, valued at $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Dennis G. Kish sold 16,414 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the sale, the president now owns 47,614 shares of the company’s stock, valued at $171,410.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of EVgo by 0.4% in the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock valued at $24,344,000 after purchasing an additional 37,168 shares during the period. Wellington Management Group LLP grew its holdings in shares of EVgo by 34.9% in the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock valued at $13,158,000 after purchasing an additional 951,272 shares during the period. Marshall Wace LLP grew its holdings in shares of EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares during the period. SIR Capital Management L.P. grew its holdings in shares of 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 purchasing an additional 416,800 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of EVgo in the second quarter valued at about $1,749,000. Hedge funds and other 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.