JPMorgan Chase & Co. Issues Pessimistic Forecast for EVgo (NASDAQ:EVGO) Stock Price

EVgo (NASDAQ:EVGO) had its target price cut by JPMorgan Chase & Co. from $6.00 to $5.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

EVGO has been the subject of several other research reports. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. UBS Group cut their price target on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Finally, Stifel Nicolaus dropped their target price on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $6.11.

EVgo Price Performance

Shares of NASDAQ EVGO opened at $2.40 on Wednesday. The business’s 50-day moving average price is $3.15 and its two-hundred day moving average price is $4.82. EVgo has a one year low of $1.65 and a one year high of $9.07. The company has a market capitalization of $727.56 million, a P/E ratio of -5.71 and a beta of 2.37.

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

Insider Buying and Selling

In other EVgo news, Director David Nanus sold 23,000,000 shares of the stock in a transaction on 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Dennis G. Kish sold 17,379 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total value of $75,077.28. Following the completion of the transaction, the president now owns 13,655 shares in the company, valued at $58,989.60. The trade was a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,061,563 shares of company stock worth $115,225,745 in the last three months. Insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning boosted its position in shares of EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of EVgo by 5.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 86,588 shares of the company’s stock valued at $351,000 after purchasing an additional 4,597 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of EVgo by 3.2% in the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company’s stock valued at $602,000 after purchasing an additional 4,622 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of EVgo by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 298,794 shares of the company’s stock valued at $1,210,000 after purchasing an additional 5,377 shares in the last quarter. Finally, Paloma Partners Management Co raised its holdings in EVgo by 25.0% during the fourth quarter. Paloma Partners Management Co now owns 30,000 shares of the company’s stock worth $122,000 after acquiring an additional 5,993 shares in the last quarter. 17.44% of the stock is currently owned by 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.