EVgo Inc. (NASDAQ:EVGO) Stock Has Average Price Target of $2.93

EVgo Inc. (NASDAQ:EVGO) has been given an average rating of “Hold” by the nine research firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $2.93.

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. reissued an “underweight” rating on shares of EVgo in a research report on Tuesday, July 21st. Weiss Ratings raised shares of EVgo from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 6th. Stifel Nicolaus lowered their price target on EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, August 25th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Wednesday, August 5th. Finally, Morgan Stanley set a $2.50 price objective on EVgo in a report on Thursday, August 6th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EVGO. State Street Corp boosted its position in shares of EVgo by 1.3% in the second quarter. State Street Corp now owns 6,371,895 shares of the company’s stock worth $12,170,000 after buying an additional 80,946 shares during the period. Tidal Investments LLC grew its stake in shares of EVgo by 2,675.5% in the second quarter. Tidal Investments LLC now owns 331,891 shares of the company’s stock valued at $634,000 after buying an additional 319,933 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of EVgo during the 2nd quarter valued at about $149,000. Kintra Wealth LLC purchased a new stake in shares of EVgo during the 2nd quarter valued at about $25,000. Finally, J. Derek Lewis & Associates Inc. raised its holdings in shares of EVgo by 59.3% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 43,000 shares of the company’s stock valued at $74,000 after buying an additional 16,000 shares during the period. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Stock Performance

Shares of EVGO stock opened at $1.08 on Thursday. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 5.39. The stock has a 50 day simple moving average of $1.36 and a 200-day simple moving average of $1.71. The company has a market cap of $339.68 million, a price-to-earnings ratio of -2.70 and a beta of 2.87. EVgo has a 12-month low of $1.02 and a 12-month high of $4.33.

EVgo (NASDAQ:EVGO) last posted its earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.03. The business had revenue of $82.65 million for the quarter. During the same period in the prior year, the business earned ($0.10) EPS. The company’s quarterly revenue was down 15.7% compared to the same quarter last year. On average, equities analysts forecast that EVgo will post -0.51 EPS for the current year.

About EVgo

EVgo, Inc operates a public electric vehicle (EV) fast-charging network in the United States. The company develops, owns, and operates charging stations designed primarily for drivers who need to recharge away from home, including at retail centers, grocery stores, parking facilities, and other convenient locations.

Through its EVgo network and mobile application, the company provides charging access, station availability and payment features, and related subscription options. EVgo also offers charging solutions for commercial fleets, rideshare drivers, businesses, utilities, automakers, and other partners.