EVgo Inc. (NASDAQ:EVGO) Given Average Rating of “Buy” by Brokerages

Shares of EVgo Inc. (NASDAQ:EVGO) have earned an average rating of “Buy” from the thirteen ratings firms that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $6.00.

Several analysts recently issued reports on EVGO shares. Stifel Nicolaus dropped their target price on EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Wednesday, March 5th. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of EVgo in a report on Thursday, May 8th. Evercore ISI dropped their target price on EVgo from $7.00 to $4.00 and set an “outperform” rating on the stock in a report on Monday, March 31st. Finally, Morgan Stanley set a $4.00 target price on EVgo and gave the stock an “equal weight” rating in a report on Tuesday, June 3rd.

EVgo Price Performance

Shares of EVgo stock opened at $3.94 on Friday. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -9.61 and a beta of 2.41. The stock’s 50-day moving average is $3.64 and its 200-day moving average is $3.45. EVgo has a one year low of $2.19 and a one year high of $9.07.

EVgo (NASDAQ:EVGO) last released its earnings results on Tuesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.02. The company had revenue of $75.29 million for the quarter, compared to the consensus estimate of $70.11 million. During the same quarter in the previous year, the company posted ($0.09) EPS. The business’s revenue was up 36.4% on a year-over-year basis. On average, equities analysts expect that EVgo will post -0.45 EPS for the current year.

Insider Buying and Selling at EVgo

In other EVgo news, President Dennis G. Kish sold 73,215 shares of the company’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the sale, the president now owns 72,269 shares in the company, valued at $266,672.61. This represents a 50.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 58.79% of the company’s stock.

Hedge Funds Weigh In On EVgo

Large investors have recently made changes to their positions in the company. Summit Securities Group LLC bought a new position in shares of EVgo during the first quarter worth approximately $30,000. Merit Financial Group LLC bought a new position in shares of EVgo during the first quarter worth approximately $31,000. Mariner LLC bought a new position in shares of EVgo during the fourth quarter worth approximately $48,000. Ballentine Partners LLC bought a new position in shares of EVgo during the first quarter worth approximately $32,000. Finally, FORA Capital LLC bought a new position in shares of EVgo during the fourth quarter worth approximately $56,000. 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.