EVgo, Inc. (NASDAQ:EVGO) Given Consensus Recommendation of “Buy” by Analysts

EVgo, Inc. (NASDAQ:EVGO) has been given an average recommendation of “Buy” by the twelve research firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $5.78.

A number of research firms have recently commented on EVGO. Cantor Fitzgerald restated an “overweight” rating and issued a $8.00 price objective on shares of EVgo in a report on Wednesday, March 5th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Wednesday, March 5th. UBS Group reduced their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. JPMorgan Chase & Co. dropped their price objective on shares of EVgo from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. Finally, Evercore ISI reduced their target price on shares of EVgo from $7.00 to $4.00 and set an “outperform” rating on the stock in a report on Monday, March 31st.

EVgo Price Performance

Shares of EVGO stock opened at $2.53 on Friday. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07. The firm’s 50-day simple moving average is $2.67 and its 200-day simple moving average is $4.52. The firm has a market cap of $775.00 million, a P/E ratio of -6.02 and a beta of 2.28.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million during the quarter, compared to analyst estimates of $69.49 million. Analysts expect that EVgo will post -0.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the transaction, the president now owns 95,986 shares in the company, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 66.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EVgo

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC grew its position in shares of EVgo by 394.4% during the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock worth $18,727,000 after buying an additional 3,688,614 shares in the last quarter. D. E. Shaw & Co. Inc. grew its holdings in EVgo by 175.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock worth $20,046,000 after acquiring an additional 3,153,073 shares in the last quarter. SIR Capital Management L.P. increased its position in shares of EVgo by 326.3% in the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock worth $14,311,000 after purchasing an additional 2,704,662 shares during the last quarter. Two Sigma Advisers LP raised its stake in shares of EVgo by 2,533.6% in the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock valued at $10,101,000 after purchasing an additional 2,399,300 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock worth $49,414,000 after purchasing an additional 2,043,449 shares in the last quarter. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

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.