Evercore ISI Lowers EVgo (NASDAQ:EVGO) Price Target to $4.00

EVgo (NASDAQ:EVGO) had its target price decreased by equities researchers at Evercore ISI from $7.00 to $4.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price target would indicate a potential upside of 41.84% from the company’s previous close.

A number of other brokerages have also recently issued reports on EVGO. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price objective on shares of EVgo from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. UBS Group dropped their target price on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Stifel Nicolaus cut their target price on shares of EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.00 price target on shares of EVgo in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $5.78.

EVgo Trading Down 2.8 %

EVGO stock opened at $2.82 on Monday. The firm has a market cap of $863.83 million, a PE ratio of -6.71 and a beta of 2.37. EVgo has a 1 year low of $1.65 and a 1 year high of $9.07. The company has a fifty day simple moving average of $2.91 and a 200 day simple moving average of $4.73.

EVgo (NASDAQ:EVGO) last posted its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.04. The company had revenue of $67.51 million for the quarter, compared to the consensus estimate of $69.49 million. As a group, analysts forecast that EVgo will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the sale, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EVGO. Mariner LLC bought a new stake in shares of EVgo in the 4th quarter valued at approximately $48,000. FORA Capital LLC bought a new position in EVgo during the 4th quarter valued at about $56,000. SCP Investment LP acquired a new position in EVgo in the fourth quarter valued at about $60,000. Clear Harbor Asset Management LLC bought a new stake in EVgo during the fourth quarter worth about $72,000. Finally, Polymer Capital Management US LLC acquired a new stake in shares of EVgo during the fourth quarter worth approximately $73,000. 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.