JPMorgan Chase & Co. Cuts EVgo (NYSE:EVGO) Price Target to $7.00

EVgo (NYSE:EVGO) had its target price reduced by JPMorgan Chase & Co. from $8.00 to $7.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

EVGO has been the topic of several other research reports. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Royal Bank of Canada increased their price target 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. TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and boosted their price objective for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, EVgo currently has an average rating of “Buy” and an average target price of $6.61.

EVgo Trading Up 1.9 %

Shares of EVGO stock opened at $4.36 on Friday. The stock has a market capitalization of $1.32 billion, a P/E ratio of -10.38 and a beta of 2.24. The firm’s 50 day moving average is $6.65 and its 200 day moving average is $4.73. EVgo has a 12-month low of $1.65 and a 12-month high of $9.07.

EVgo (NYSE:EVGO) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The company had revenue of $67.50 million during the quarter, compared to the consensus estimate of $66.52 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. EVgo’s revenue for the quarter was up 92.3% compared to the same quarter last year. As a group, equities analysts predict that EVgo will post -0.41 earnings per share for the current year.

Insider Buying and Selling at EVgo

In related news, CEO Badar Khan sold 166,725 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total transaction of $856,966.50. Following the completion of the transaction, the chief executive officer now owns 348,761 shares in the company, valued at approximately $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EVGO. Legacy Capital Wealth Partners LLC purchased a new stake in shares of EVgo in the second quarter worth about $27,000. Point72 DIFC Ltd purchased a new stake in shares of EVgo during the 2nd quarter worth approximately $45,000. International Assets Investment Management LLC bought a new position in shares of EVgo during the 3rd quarter valued at approximately $51,000. Creative Planning grew its holdings in shares of 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 purchasing an additional 3,297 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in EVgo by 47.0% in the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after purchasing an additional 7,687 shares during 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.