EVgo’s (EVGO) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of EVgo (NYSE:EVGO) in a research note released on Thursday,Benzinga reports.

A number of other brokerages also recently issued reports on EVGO. TD Cowen upgraded shares of EVgo from a “hold” rating to a “buy” rating and increased their price objective for the stock from $5.00 to $7.00 in a research note on Thursday, October 3rd. Royal Bank of Canada lifted their price objective 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. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and lifted their price target for the company from $4.00 to $8.50 in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. lowered 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. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $6.61.

EVgo Price Performance

Shares of NYSE EVGO opened at $3.59 on Thursday. EVgo has a one year low of $1.65 and a one year high of $9.07. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -8.55 and a beta of 2.35. The stock’s fifty day moving average price is $5.24 and its two-hundred day moving average price is $5.00.

EVgo (NYSE:EVGO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) 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. The firm’s quarterly revenue was up 92.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) EPS. On average, equities analysts anticipate that EVgo will post -0.45 earnings per share for the current fiscal year.

Insider Activity at EVgo

In related news, CEO Badar Khan sold 166,725 shares of the business’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 transaction, the chief executive officer now owns 348,761 shares in the company, valued at $1,792,631.54. The trade was a 32.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Nanus sold 23,000,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was 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 of the company’s stock, valued at $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,184,104 shares of company stock worth $115,932,044 in the last 90 days. Corporate insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its stake in EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after acquiring an additional 847,777 shares during the period. Marshall Wace LLP grew its position in EVgo by 66.4% in the 2nd 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. Geode Capital Management LLC increased its stake in EVgo by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after purchasing an additional 90,887 shares in the last quarter. International Assets Investment Management LLC acquired a new position in EVgo during the third quarter worth $51,000. Finally, Verition Fund Management LLC bought a new position in shares of EVgo in the third quarter valued at $653,000. 17.44% of the stock is owned by institutional investors.

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.