EVgo Inc. (NASDAQ:EVGO) Receives Consensus Recommendation of “Buy” from Analysts

Shares of EVgo Inc. (NASDAQ:EVGO) have been given an average recommendation of “Buy” by the twelve brokerages that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $6.13.

A number of research firms have weighed in on EVGO. Evercore ISI decreased their target price on shares of EVgo from $7.00 to $4.00 and set an “outperform” rating on the stock in a research note on Monday, March 31st. Roth Capital reissued a “buy” rating on shares of EVgo in a report on Wednesday, May 7th. Morgan Stanley set a $4.00 target price on EVgo and gave the company an “equal weight” rating in a research note on Tuesday, June 3rd. Finally, JPMorgan Chase & Co. restated an “overweight” rating on shares of EVgo in a research note on Thursday, May 8th.

EVgo Price Performance

NASDAQ EVGO opened at $3.84 on Tuesday. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -9.37 and a beta of 2.34. EVgo has a 1-year low of $2.19 and a 1-year high of $9.07. The business’s fifty day moving average price is $3.82 and its 200-day moving average price is $3.28.

EVgo (NASDAQ:EVGO) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The firm had revenue of $75.29 million during the quarter, compared to analyst estimates of $70.11 million. During the same period last year, the business earned ($0.09) EPS. The firm’s revenue was up 36.4% on a year-over-year basis. Equities research analysts anticipate that EVgo will post -0.45 EPS for the current year.

Insider Buying and Selling at EVgo

In related news, President Dennis G. Kish sold 73,215 shares of EVgo stock in a transaction dated 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 directly owned 72,269 shares in the company, valued at approximately $266,672.61. The trade was a 50.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 58.79% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers grew its holdings in shares of EVgo by 2.5% during the first quarter. Rhumbline Advisers now owns 152,281 shares of the company’s stock worth $405,000 after purchasing an additional 3,740 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in EVgo by 5.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 86,588 shares of the company’s stock worth $351,000 after buying an additional 4,597 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in EVgo by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 298,794 shares of the company’s stock valued at $1,210,000 after acquiring an additional 5,377 shares during the last quarter. Arizona State Retirement System increased its stake in EVgo by 20.1% during the first quarter. Arizona State Retirement System now owns 35,481 shares of the company’s stock worth $94,000 after acquiring an additional 5,945 shares during the last quarter. Finally, Paloma Partners Management Co boosted its holdings in EVgo by 25.0% in the fourth quarter. Paloma Partners Management Co now owns 30,000 shares of the company’s stock valued at $122,000 after purchasing an additional 5,993 shares during the period. 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.