EVgo (NASDAQ:EVGO) Price Target Cut to $8.00 by Analysts at Stifel Nicolaus

EVgo (NASDAQ:EVGO) had its price target cut by Stifel Nicolaus from $10.00 to $8.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their target price on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 price target on shares of EVgo in a report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Wednesday. Finally, UBS Group reduced their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $6.22.

EVgo Trading Down 2.0 %

Shares of NASDAQ EVGO opened at $2.51 on Thursday. The company has a market cap of $760.91 million, a PE ratio of -5.98 and a beta of 2.32. The company has a 50-day moving average of $3.36 and a two-hundred day moving average of $4.88. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07.

EVgo (NASDAQ:EVGO) last posted its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The business had revenue of $67.51 million for the quarter, compared to the consensus estimate of $69.49 million. As a group, equities research analysts forecast that EVgo will post -0.45 earnings per share for the current year.

Insider Activity

In other news, President Dennis G. Kish sold 17,379 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total value of $75,077.28. Following the transaction, the president now owns 13,655 shares in the company, valued at approximately $58,989.60. This trade represents a 56.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Nanus sold 23,000,000 shares of EVgo 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 sale, the director now owns 5,882,352 shares in the company, valued at approximately $29,411,760. This trade represents a 79.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,061,563 shares of company stock worth $115,225,745 in the last quarter. 66.96% of the stock is owned by corporate insiders.

Institutional Trading of EVgo

Large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its position in shares of EVgo by 394.4% in the 4th quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock worth $18,727,000 after purchasing an additional 3,688,614 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of EVgo by 175.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock worth $20,046,000 after purchasing an additional 3,153,073 shares during the last quarter. SIR Capital Management L.P. raised its position in shares of EVgo by 326.3% in the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock worth $14,311,000 after purchasing an additional 2,704,662 shares during the last quarter. Two Sigma Advisers LP raised its position in shares of EVgo by 2,533.6% in the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock worth $10,101,000 after purchasing an additional 2,399,300 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of EVgo by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock worth $49,414,000 after purchasing an additional 2,043,449 shares during the last quarter. 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.