JPMorgan Chase & Co. Cuts EVgo (NYSE:EVGO) Price Target to $6.00

EVgo (NYSE:EVGO) had its price target reduced by JPMorgan Chase & Co. from $7.00 to $6.00 in a report issued on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. Stifel Nicolaus lifted their price target on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, UBS Group dropped their price objective on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $6.11.

EVgo Trading Down 4.6 %

EVGO stock opened at $2.91 on Wednesday. The firm has a 50 day moving average of $3.72 and a 200-day moving average of $4.95. EVgo has a 12-month low of $1.65 and a 12-month high of $9.07. The company has a market cap of $882.17 million, a price-to-earnings ratio of -6.93 and a beta of 2.32.

Insiders Place Their Bets

In other EVgo news, Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction that occurred on Wednesday, December 18th. The shares were 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 directly owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the sale, the president now directly owns 95,986 shares of the company’s stock, valued at $327,312.26. The trade was a 31.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 23,061,563 shares of company stock valued at $115,225,745. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Several hedge funds and other institutional investors have recently bought and sold shares of EVGO. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of EVgo during the 4th quarter valued at $1,001,000. Voloridge Investment Management LLC purchased a new stake in shares of EVgo during the 4th quarter valued at $5,682,000. Two Sigma Advisers LP grew its stake in shares of EVgo by 2,533.6% during the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock valued at $10,101,000 after buying an additional 2,399,300 shares during the period. Two Sigma Investments LP grew its stake in shares of EVgo by 296.4% during the 4th quarter. Two Sigma Investments LP now owns 2,720,342 shares of the company’s stock valued at $11,017,000 after buying an additional 2,034,045 shares during the period. Finally, Teza Capital Management LLC purchased a new stake in shares of EVgo during the 4th quarter valued at $144,000. 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.