EVgo (NASDAQ:EVGO) Price Target Lowered to $4.00 at Evercore ISI

EVgo (NASDAQ:EVGO) had its target price lowered by Evercore ISI from $7.00 to $4.00 in a report published on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages also recently commented on EVGO. Stifel Nicolaus reduced their price target on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, March 6th. UBS Group reduced their target price on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, January 27th. JPMorgan Chase & Co. decreased their price target 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. Finally, Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $5.78.

EVgo Price Performance

Shares of EVGO opened at $2.66 on Monday. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07. The stock’s 50-day moving average is $2.90 and its two-hundred day moving average is $4.71. The stock has a market cap of $814.82 million, a PE ratio of -6.33 and a beta of 2.37.

EVgo (NASDAQ:EVGO) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million during the quarter, compared to analysts’ expectations of $69.49 million. On average, research analysts anticipate that EVgo will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In other news, President Dennis G. Kish sold 17,379 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the sale, the president now owns 13,655 shares in the company, valued at approximately $58,989.60. This represents a 56.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 66.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EVgo

Several hedge funds have recently modified their holdings of EVGO. State Street Corp raised its holdings in EVgo by 25.3% during the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after buying an additional 847,777 shares during the period. Geode Capital Management LLC increased its position in shares of EVgo by 3.9% in the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after acquiring an additional 90,887 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of EVgo in the fourth quarter worth approximately $523,000. Amundi purchased a new stake in shares of EVgo in the 4th quarter valued at approximately $113,000. Finally, Erste Asset Management GmbH acquired a new position in EVgo in the 4th quarter worth approximately $2,321,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

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.