EVgo, Inc. (NYSE:EVGO) Receives Consensus Recommendation of “Buy” from Brokerages

EVgo, Inc. (NYSE:EVGO) has earned a consensus recommendation of “Buy” from the twelve brokerages that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $6.61.

Several equities analysts have recently issued reports on the company. Royal Bank of Canada lifted their price target on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and raised their price objective for the company from $4.00 to $8.50 in a research report on Thursday, October 10th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Wednesday, November 13th. Finally, Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th.

EVgo Stock Performance

NYSE:EVGO opened at $4.19 on Friday. EVgo has a 1 year low of $1.65 and a 1 year high of $9.07. The business has a fifty day moving average of $6.03 and a 200-day moving average of $4.86. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -9.98 and a beta of 2.24.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to the consensus estimate of $66.52 million. The company’s quarterly revenue was up 92.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.09) EPS. On average, equities research analysts predict that EVgo will post -0.41 EPS for the current year.

Insider Buying and Selling

In other EVgo news, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the sale, the director now owns 5,882,352 shares of the company’s stock, valued at $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock was 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 of the company’s stock, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EVgo

Institutional investors have recently modified their holdings of the company. Legacy Capital Wealth Partners LLC acquired a new stake in shares of EVgo in the second quarter valued at about $27,000. Point72 DIFC Ltd bought a new stake in EVgo during the 2nd quarter valued at approximately $45,000. International Assets Investment Management LLC acquired a new stake in EVgo in the 3rd quarter valued at approximately $51,000. Creative Planning increased its position in EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after buying an additional 3,297 shares during the period. Finally, Blueshift Asset Management LLC acquired a new position in shares of EVgo during the third quarter worth approximately $80,000. 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.