EVgo, Inc. (NYSE:EVGO) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of EVgo, Inc. (NYSE:EVGO) have received an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $4.00.

Several brokerages have issued reports on EVGO. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday, May 8th. Citigroup cut their target price on EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Evercore ISI cut their target price on EVgo from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Monday, May 13th. Cantor Fitzgerald raised EVgo from a “neutral” rating to an “overweight” rating and cut their target price for the stock from $5.00 to $4.00 in a research note on Thursday, May 9th. Finally, Benchmark began coverage on EVgo in a research note on Wednesday, June 5th. They issued a “buy” rating and a $3.00 target price for the company.

EVgo Trading Up 3.6 %

Shares of NYSE EVGO opened at $2.03 on Monday. EVgo has a 12 month low of $1.65 and a 12 month high of $5.95. The firm has a market capitalization of $613.12 million, a price-to-earnings ratio of -5.34 and a beta of 2.54. The business has a 50-day moving average of $2.00 and a 200-day moving average of $2.46.

EVgo (NYSE:EVGO) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. The business had revenue of $55.16 million for the quarter, compared to analysts’ expectations of $52.41 million. During the same period in the previous year, the firm posted ($0.09) EPS. The firm’s revenue for the quarter was up 118.0% compared to the same quarter last year. On average, analysts predict that EVgo will post -0.38 earnings per share for the current year.

Insider Activity at EVgo

In other EVgo news, CEO Badar Khan bought 125,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average price of $2.01 per share, for a total transaction of $251,250.00. Following the completion of the acquisition, the chief executive officer now directly owns 143,874 shares in the company, valued at $289,186.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 66.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EVgo

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of EVgo by 0.4% during the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock valued at $24,344,000 after acquiring an additional 37,168 shares in the last quarter. Wellington Management Group LLP raised its holdings in EVgo by 34.9% in the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after purchasing an additional 951,272 shares in the last quarter. Tidal Investments LLC raised its holdings in EVgo by 32.2% in the first quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock worth $798,000 after purchasing an additional 77,354 shares in the last quarter. Atria Wealth Solutions Inc. raised its holdings in EVgo by 3.2% in the fourth quarter. Atria Wealth Solutions Inc. now owns 288,368 shares of the company’s stock worth $1,032,000 after purchasing an additional 8,879 shares in the last quarter. Finally, Dark Forest Capital Management LP raised its holdings in EVgo by 1,862.2% in the third quarter. Dark Forest Capital Management LP now owns 244,722 shares of the company’s stock worth $827,000 after purchasing an additional 232,250 shares in the last quarter. 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.