Royal Bank of Canada Boosts EVgo (NYSE:EVGO) Price Target to $8.00

EVgo (NYSE:EVGO) had its target price raised by Royal Bank of Canada from $4.00 to $8.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

EVGO has been the subject of a number of other reports. Stifel Nicolaus dropped their price target on shares of EVgo from $7.00 to $6.00 and set a buy rating for the company in a research report on Tuesday, August 6th. UBS Group started coverage on EVgo in a report on Monday, July 22nd. They set a neutral rating and a $4.00 price target for the company. Capital One Financial upgraded shares of EVgo to a strong-buy rating in a report on Monday, September 16th. TD Cowen upgraded EVgo from a hold rating to a buy rating and increased their price target for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. raised shares of EVgo from a neutral rating to an overweight rating and set a $7.00 price objective for the company in a research note on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $6.17.

EVgo Trading Up 8.1 %

Shares of EVGO stock opened at $7.23 on Wednesday. The stock has a market capitalization of $2.18 billion, a P/E ratio of -19.03 and a beta of 2.58. EVgo has a 12-month low of $1.65 and a 12-month high of $7.94. The firm’s 50 day moving average is $4.45 and its 200 day moving average is $3.14.

EVgo (NYSE:EVGO) last announced its earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.01. The business 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 firm posted ($0.08) earnings per share. The business’s quarterly revenue was up 31.8% compared to the same quarter last year. As a group, equities analysts predict that EVgo will post -0.4 earnings per share for the current year.

Insider Activity

In related news, insider Francine Sullivan sold 12,584 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the transaction, the insider now owns 117,327 shares of the company’s stock, valued at $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Francine Sullivan sold 12,584 shares of EVgo stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the sale, the insider now directly owns 117,327 shares in the company, valued at $422,377.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Dennis G. Kish sold 16,414 shares of the stock in a transaction dated 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 owns 47,614 shares in the company, valued at approximately $171,410.40. The trade was a 0.00 % 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.

Hedge Funds Weigh In On EVgo

Several institutional investors have recently bought and sold shares of the business. Legacy Capital Wealth Partners LLC purchased a new position in EVgo in the second quarter valued at about $27,000. Voisard Asset Management Group Inc. bought a new stake in shares of EVgo in the 4th quarter valued at about $29,000. Bleakley Financial Group LLC purchased a new position in shares of EVgo in the 1st quarter worth approximately $36,000. SG Americas Securities LLC bought a new position in shares of EVgo during the 1st quarter worth approximately $41,000. Finally, Point72 DIFC Ltd bought a new position in shares of EVgo during the 2nd quarter worth approximately $45,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

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.