EVgo (NASDAQ:EVGO) Stock Rating Cut to Hold at UBS Group

EVgo (NASDAQ:EVGO) was downgraded by stock analysts at UBS Group from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks reports.

EVGO has been the topic of a number of other reports. Royal Bank Of Canada decreased their price objective on EVgo from $3.00 to $2.50 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Morgan Stanley set a $2.50 price objective on shares of EVgo in a report on Thursday, August 6th. JPMorgan Chase & Co. lowered EVgo from a “neutral” rating to an “underweight” rating in a research report on Tuesday, July 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday, August 5th. Finally, Roth Capital set a $2.00 price target on EVgo in a research report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.79.

EVgo Stock Down 1.1%

EVgo stock opened at $1.83 on Tuesday. The company has a market capitalization of $575.57 million, a P/E ratio of -4.57 and a beta of 2.87. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 5.39. The firm has a 50 day moving average price of $1.32 and a 200-day moving average price of $1.92. EVgo has a twelve month low of $0.98 and a twelve month high of $3.92.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.03. The firm had revenue of $82.65 million during the quarter. EVgo’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same period last year, the firm posted ($0.10) earnings per share. As a group, equities analysts predict that EVgo will post -0.50 EPS for the current year.

Hedge Funds Weigh In On EVgo

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of EVgo by 1.3% during the 2nd quarter. State Street Corp now owns 6,371,895 shares of the company’s stock valued at $12,170,000 after acquiring an additional 80,946 shares during the last quarter. Renaissance Technologies LLC increased its position in EVgo by 31.8% in the first quarter. Renaissance Technologies LLC now owns 1,192,933 shares of the company’s stock worth $2,052,000 after purchasing an additional 288,100 shares during the last quarter. Lazard Asset Management LLC lifted its position in EVgo by 89.4% during the first quarter. Lazard Asset Management LLC now owns 652,657 shares of the company’s stock valued at $1,123,000 after purchasing an additional 307,984 shares during the last quarter. J. Derek Lewis & Associates Inc. lifted its position in EVgo by 1,127.7% during the third quarter. J. Derek Lewis & Associates Inc. now owns 515,625 shares of the company’s stock valued at $687,000 after purchasing an additional 473,625 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in shares of EVgo by 2,675.5% in the 2nd quarter. Tidal Investments LLC now owns 331,891 shares of the company’s stock worth $634,000 after buying an additional 319,933 shares in the last quarter. Hedge funds and other institutional investors own 17.44% of the company’s stock.

EVgo Company Profile

EVgo, Inc (NASDAQ: EVGO) operates a public electric vehicle charging network in the United States. The company develops, owns and operates fast-charging stations designed primarily for passenger vehicles, providing drivers with access to charging at shopping centers, grocery stores, retail locations, workplaces and other convenient destinations.

EVgo’s services include on-demand charging through its network and mobile app, as well as features such as payment processing, station availability information and vehicle-to-charger connectivity.