EVgo, Inc. (NYSE:EVGO) Receives Consensus Recommendation of “Buy” from Brokerages

EVgo, Inc. (NYSE:EVGO) has received a consensus rating of “Buy” from the twelve analysts that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $6.22.

Several research analysts recently issued reports on EVGO shares. JPMorgan Chase & Co. cut their price objective on EVgo from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Friday, December 20th. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. Royal Bank of Canada boosted their target price 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. Finally, Stifel Nicolaus lifted their price target on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th.

EVgo Price Performance

Shares of EVgo stock opened at $3.45 on Tuesday. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -8.21 and a beta of 2.32. The firm’s fifty day simple moving average is $4.65 and its 200-day simple moving average is $5.03. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07.

EVgo (NYSE:EVGO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. The business’s revenue for the quarter was up 92.3% on a year-over-year basis. During the same period last year, the business earned ($0.09) EPS. Analysts anticipate that EVgo will post -0.45 earnings per share for the current year.

Insider Transactions at EVgo

In related news, President Dennis G. Kish sold 17,379 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the sale, the president now directly owns 13,655 shares of the company’s stock, valued at approximately $58,989.60. This represents a 56.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Nanus sold 23,000,000 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value 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 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 sold a total of 23,184,104 shares of company stock worth $115,932,044 in the last ninety days. Insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Olympiad Research LP purchased a new position in shares of EVgo in the fourth quarter valued at $139,000. Hussman Strategic Advisors Inc. acquired a new position in EVgo in the 4th quarter worth $425,000. New York State Common Retirement Fund grew its stake in shares of EVgo by 70.6% during the fourth quarter. New York State Common Retirement Fund now owns 31,173 shares of the company’s stock valued at $126,000 after acquiring an additional 12,900 shares in the last quarter. Rhumbline Advisers increased its position in shares of EVgo by 3.2% during the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company’s stock worth $602,000 after acquiring an additional 4,622 shares during the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of EVgo in the fourth quarter worth about $72,000. Institutional investors and hedge funds 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.