EVgo (NYSE:EVGO) Shares Gap Up After Analyst Upgrade

EVgo, Inc. (NYSE:EVGO) gapped up prior to trading on Friday after Benchmark raised their price target on the stock from $3.00 to $5.00. The stock had previously closed at $3.37, but opened at $3.48. Benchmark currently has a buy rating on the stock. EVgo shares last traded at $3.86, with a volume of 1,706,927 shares changing hands.

Several other equities research analysts have also weighed in on EVGO. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Wednesday, May 8th. Royal Bank of Canada restated an “outperform” rating and issued a $4.00 target price on shares of EVgo in a report on Friday, April 5th. Evercore ISI reduced their target price on EVgo from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Monday, May 13th. Citigroup reduced their target price on EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Thursday, May 9th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $4.00 target price on shares of EVgo in a report on Monday, July 1st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.33.

Insider Transactions at EVgo

In other news, CEO Badar Khan bought 125,000 shares of EVgo stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average cost of $2.01 per share, with a total value of $251,250.00. Following the completion of the transaction, the chief executive officer now directly owns 143,874 shares in the company, valued at $289,186.74. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of EVGO. Voisard Asset Management Group Inc. bought a new position in EVgo in the fourth quarter worth $29,000. Simplicity Wealth LLC bought a new position in EVgo in the first quarter worth $36,000. Bleakley Financial Group LLC bought a new position in EVgo in the first quarter worth $36,000. SG Americas Securities LLC bought a new position in EVgo in the first quarter worth $41,000. Finally, Sippican Capital Advisors acquired a new position in EVgo during the fourth quarter worth $43,000. 17.44% of the stock is owned by institutional investors.

EVgo Price Performance

The firm has a 50 day simple moving average of $2.23 and a 200-day simple moving average of $2.40. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -10.16 and a beta of 2.58.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.02. The company had revenue of $55.16 million for the quarter, compared to analyst estimates of $52.41 million. During the same quarter in the prior year, the company earned ($0.09) earnings per share. The business’s revenue was up 118.0% compared to the same quarter last year. On average, sell-side analysts forecast that EVgo, Inc. will post -0.38 earnings per share for the current fiscal year.

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.