EVgo (NYSE:EVGO) Given New $5.00 Price Target at UBS Group

EVgo (NYSE:EVGO) had its target price cut by research analysts at UBS Group from $8.00 to $5.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price target points to a potential upside of 45.56% from the company’s previous close.

Several other equities analysts have also weighed in on EVGO. JPMorgan Chase & Co. decreased their target price on shares of EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Friday, December 20th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. Stifel Nicolaus lifted their target price on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and increased their price target for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Finally, Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $6.22.

EVgo Stock Down 0.1 %

Shares of EVgo stock traded down $0.01 on Monday, hitting $3.44. 2,366,579 shares of the company were exchanged, compared to its average volume of 5,616,590. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -8.15 and a beta of 2.35. The company has a 50-day moving average price of $4.97 and a 200 day moving average price of $5.05.

EVgo (NYSE:EVGO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. During the same period in the previous year, the business earned ($0.09) earnings per share. The firm’s revenue was up 92.3% on a year-over-year basis. Research analysts forecast that EVgo will post -0.45 EPS for the current year.

Insider Activity at EVgo

In related news, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were 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 owns 5,882,352 shares in the company, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Badar Khan sold 166,725 shares of EVgo stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $5.14, for a total value of $856,966.50. Following the sale, the chief executive officer now directly owns 348,761 shares of the company’s stock, valued at $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. Over the last quarter, insiders sold 23,184,104 shares of company stock worth $115,932,044. Corporate insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Institutional investors have recently added to or reduced their stakes in the business. Clear Harbor Asset Management LLC purchased a new stake in EVgo in the fourth quarter valued at $72,000. Tidal Investments LLC lifted its holdings in shares of EVgo by 714.2% in the 3rd quarter. Tidal Investments LLC now owns 94,541 shares of the company’s stock valued at $391,000 after purchasing an additional 82,929 shares during the last quarter. Barclays PLC boosted its position in shares of EVgo by 280.6% in the 3rd quarter. Barclays PLC now owns 132,981 shares of the company’s stock valued at $551,000 after purchasing an additional 98,041 shares during the period. Geode Capital Management LLC grew its stake in EVgo by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after buying an additional 90,887 shares during the last quarter. Finally, State Street Corp lifted its stake in EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after buying an additional 847,777 shares during the last quarter. Hedge funds and other 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.