EVgo (NYSE:EVGO) Given New $7.00 Price Target at JPMorgan Chase & Co.

EVgo (NYSE:EVGO) had its price objective cut by JPMorgan Chase & Co. from $8.00 to $7.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued reports about the company. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. Stifel Nicolaus upped their target price on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Royal Bank of Canada lifted their price target on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and boosted their price target for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, Capital One Financial raised EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Stock Performance

Shares of EVGO stock opened at $4.36 on Friday. The firm’s 50 day moving average price is $6.65 and its two-hundred day moving average price is $4.75. EVgo has a 52-week low of $1.65 and a 52-week high of $9.07. The stock has a market cap of $1.32 billion, a PE ratio of -10.38 and a beta of 2.24.

EVgo (NYSE:EVGO) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The firm had revenue of $67.50 million during the quarter, compared to the consensus estimate of $66.52 million. During the same quarter in the prior year, the business posted ($0.09) earnings per share. The firm’s revenue for the quarter was up 92.3% compared to the same quarter last year. As a group, sell-side analysts predict that EVgo will post -0.41 earnings per share for the current fiscal year.

Insider Activity at EVgo

In related news, Director David Nanus sold 23,000,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the transaction, the director now directly owns 5,882,352 shares in the company, valued at approximately $29,411,760. This trade represents a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the sale, the chief executive officer now owns 348,761 shares in the company, valued at $1,792,631.54. The trade was a 32.34 % decrease in their position. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by insiders.

Institutional Trading of EVgo

Institutional investors have recently made changes to their positions in the business. Marshall Wace LLP grew its position in EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of EVgo during the 3rd quarter worth about $51,000. Verition Fund Management LLC bought a new position in shares of EVgo in the 3rd quarter valued at about $653,000. Point72 Asset Management L.P. acquired a new stake in shares of EVgo in the second quarter valued at about $1,749,000. Finally, HITE Hedge Asset Management LLC bought a new stake in EVgo during the second quarter worth about $495,000. Institutional investors own 17.44% of the company’s stock.

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.