EVgo (NYSE:EVGO) Raised to “Buy” at TD Cowen

TD Cowen upgraded shares of EVgo (NYSE:EVGO) from a hold rating to a buy rating in a research note issued to investors on Thursday morning, Marketbeat Ratings reports. TD Cowen currently has $7.00 target price on the stock, up from their prior target price of $5.00.

Several other brokerages also recently weighed in on EVGO. UBS Group began coverage on EVgo in a research note on Monday, July 22nd. They issued a neutral rating and a $4.00 target price on the stock. Benchmark boosted their price objective on shares of EVgo from $3.00 to $5.00 and gave the company a buy rating in a research note on Friday, July 12th. Capital One Financial upgraded shares of EVgo to a strong-buy rating in a research note on Monday, September 16th. Needham & Company LLC reiterated a hold rating on shares of EVgo in a research note on Thursday, August 29th. Finally, Cantor Fitzgerald restated an overweight rating and issued a $5.00 price objective on shares of EVgo in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, EVgo currently has a consensus rating of Moderate Buy and a consensus target price of $5.22.

EVgo Price Performance

NYSE EVGO opened at $7.20 on Thursday. The company has a fifty day moving average of $4.13 and a two-hundred day moving average of $2.97. The company has a market capitalization of $2.17 billion, a PE ratio of -18.95 and a beta of 2.58. EVgo has a 1 year low of $1.65 and a 1 year high of $7.69.

EVgo (NYSE:EVGO) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. The business had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $59.40 million. During the same period in the previous year, the business posted ($0.08) earnings per share. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. On average, research analysts expect that EVgo will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the sale, the president now directly owns 47,614 shares in the company, valued at approximately $171,410.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Francine Sullivan sold 12,584 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the sale, the insider now directly owns 117,327 shares in the company, valued at $422,377.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the transaction, the president now owns 47,614 shares of the company’s stock, valued at $171,410.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by company insiders.

Institutional Trading of EVgo

Several institutional investors and hedge funds have recently modified their holdings of the business. Voisard Asset Management Group Inc. acquired a new position in shares of EVgo during the 4th quarter worth approximately $29,000. Legacy Capital Wealth Partners LLC purchased a new stake in shares of EVgo in the second quarter valued at $27,000. Bleakley Financial Group LLC acquired a new stake in shares of EVgo during the first quarter valued at $36,000. SG Americas Securities LLC purchased a new stake in EVgo during the 1st quarter worth about $41,000. Finally, Point72 DIFC Ltd acquired a new position in EVgo in the 2nd quarter valued at about $45,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

About EVgo

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.