EVgo (NYSE:EVGO) Given “Overweight” Rating at Cantor Fitzgerald

EVgo (NYSE:EVGO)‘s stock had its “overweight” rating reissued by stock analysts at Cantor Fitzgerald in a report released on Monday, Benzinga reports. They presently have a $5.00 target price on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 21.07% from the stock’s previous close.

A number of other equities analysts have also issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Thursday, August 29th. Capital One Financial raised EVgo to a “strong-buy” rating in a report on Monday, September 16th. UBS Group initiated coverage on EVgo in a research note on Monday, July 22nd. They issued a “neutral” rating and a $4.00 target price for the company. Stifel Nicolaus cut their price target on EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, Benchmark lifted their price objective on EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4.63.

EVgo Price Performance

EVGO stock opened at $4.13 on Monday. The business has a fifty day moving average price of $3.96 and a 200 day moving average price of $2.86. EVgo has a fifty-two week low of $1.65 and a fifty-two week high of $4.80. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -10.87 and a beta of 2.59.

EVgo (NYSE:EVGO) last announced its earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million during the quarter, compared to analyst estimates of $59.40 million. The business’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.08) earnings per share. On average, equities analysts expect that EVgo will post -0.4 earnings per share for the current fiscal year.

Insider Activity at EVgo

In other news, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the transaction, the president now directly owns 47,614 shares of the company’s stock, valued at $171,410.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Francine Sullivan sold 12,584 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $45,302.40. Following the completion of the sale, the insider now directly owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction that occurred on 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 transaction, the president now directly owns 47,614 shares in the company, valued at approximately $171,410.40. The disclosure for this sale can be found here. Insiders have sold 31,475 shares of company stock worth $110,189 in the last ninety days. Company insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Several large investors have recently made changes to their positions in EVGO. Vanguard Group Inc. grew its holdings in shares of EVgo by 0.4% during the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after buying an additional 37,168 shares in the last quarter. Wellington Management Group LLP raised 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 last quarter. Voisard Asset Management Group Inc. bought a new stake in shares of EVgo in the fourth quarter worth $29,000. Bleakley Financial Group LLC acquired a new position in EVgo during the first quarter worth $36,000. Finally, Tidal Investments LLC grew its position in EVgo by 32.2% in the first quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock valued at $798,000 after purchasing an additional 77,354 shares in the last quarter. Institutional investors 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.