EVgo (NYSE:EVGO) Shares Up 4.8% Following Analyst Upgrade

EVgo, Inc. (NYSE:EVGO)’s stock price traded up 4.8% during mid-day trading on Wednesday after UBS Group upgraded the stock from a neutral rating to a buy rating. UBS Group now has a $8.50 price target on the stock, up from their previous price target of $4.00. EVgo traded as high as $7.10 and last traded at $6.99. 2,369,760 shares were traded during mid-day trading, a decline of 42% from the average session volume of 4,102,120 shares. The stock had previously closed at $6.67.

A number of other research firms also recently issued reports on EVGO. JPMorgan Chase & Co. upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a report on Thursday, October 3rd. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research note on Thursday, August 29th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and upped their price objective for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Stifel Nicolaus reduced their target price on EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price target on shares of EVgo in a research note on Monday, September 30th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, EVgo presently has a consensus rating of “Moderate Buy” and an average price target of $6.17.

Insider Buying and Selling at EVgo

In related news, President Dennis G. Kish sold 16,414 shares of the business’s 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 $59,090.40. Following the transaction, the president now directly owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other EVgo news, insider Francine Sullivan sold 12,584 shares of the company’s 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 transaction, the insider now directly owns 117,327 shares of the company’s stock, valued at $422,377.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the sale, the president now owns 47,614 shares of the company’s stock, valued at $171,410.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Voisard Asset Management Group Inc. acquired a new stake in EVgo in the fourth quarter valued at $29,000. Legacy Capital Wealth Partners LLC bought a new position in shares of EVgo during the second quarter worth about $27,000. Bleakley Financial Group LLC acquired a new position in EVgo in the first quarter worth about $36,000. SG Americas Securities LLC bought a new stake in EVgo in the first quarter valued at about $41,000. Finally, Point72 DIFC Ltd acquired a new stake in EVgo during the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

EVgo Stock Performance

The company has a market cap of $2.02 billion, a P/E ratio of -17.61 and a beta of 2.58. The business has a fifty day simple moving average of $4.38 and a 200 day simple moving average of $3.09.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. The firm had revenue of $66.62 million for the quarter, compared to the consensus estimate of $59.40 million. During the same quarter last year, the business earned ($0.08) earnings per share. The business’s revenue for the quarter was up 31.8% compared to the same quarter last year. Equities research analysts expect that EVgo, Inc. will post -0.4 EPS for the current year.

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.