EVgo (NASDAQ:EVGO) Cut to Hold at Cantor Fitzgerald

Cantor Fitzgerald downgraded shares of EVgo (NASDAQ:EVGO) from an overweight rating to a hold rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports. The firm currently has $2.00 target price on the stock, down from their previous target price of $3.00.

A number of other equities analysts have also commented on EVGO. JPMorgan Chase & Co. lowered EVgo from a “neutral” rating to an “underweight” rating in a research note on Tuesday, July 21st. Stifel Nicolaus dropped their price objective on EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, August 25th. Weiss Ratings upgraded EVgo from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. Morgan Stanley set a $2.50 target price on EVgo in a report on Thursday, August 6th. Finally, Evercore restated an “outperform” rating and issued a $2.50 price target on shares of EVgo in a research report on Monday, September 21st. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.79.

EVgo Stock Down 2.9%

Shares of EVGO opened at $1.76 on Tuesday. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 5.39. EVgo has a 12 month low of $0.98 and a 12 month high of $3.85. The firm’s 50 day moving average is $1.33 and its 200-day moving average is $1.91. The stock has a market capitalization of $552.61 million, a PE ratio of -4.39 and a beta of 2.87.

EVgo (NASDAQ:EVGO) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.03. The company had revenue of $82.65 million during the quarter. The company’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.10) EPS. Equities research analysts forecast that EVgo will post -0.50 EPS for the current year.

Institutional Trading of EVgo

A number of institutional investors and hedge funds have recently made changes to their positions in EVGO. Kintra Wealth LLC bought a new position in EVgo in the second quarter valued at approximately $25,000. Y Intercept Hong Kong Ltd acquired a new position in EVgo during the first quarter valued at approximately $60,000. Royal Bank of Canada lifted its stake in EVgo by 94.4% during the first quarter. Royal Bank of Canada now owns 41,038 shares of the company’s stock worth $70,000 after purchasing an additional 19,929 shares during the last quarter. Cetera Investment Advisers lifted its stake in EVgo by 46.3% during the first quarter. Cetera Investment Advisers now owns 42,683 shares of the company’s stock worth $73,000 after purchasing an additional 13,499 shares during the last quarter. Finally, J. Derek Lewis & Associates Inc. lifted its stake in EVgo by 59.3% during the first quarter. J. Derek Lewis & Associates Inc. now owns 43,000 shares of the company’s stock worth $74,000 after purchasing an additional 16,000 shares during the last quarter. Institutional investors own 17.44% of the company’s stock.

About EVgo

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.