EVgo (NYSE:EVGO) Given New $6.00 Price Target at JPMorgan Chase & Co.

EVgo (NYSE:EVGO) had its target price reduced by JPMorgan Chase & Co. from $7.00 to $6.00 in a research report report published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other brokerages also recently weighed in on EVGO. Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. 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 research report on Monday, January 27th. Stifel Nicolaus raised their price target on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. 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. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $6.11.

EVgo Stock Up 3.6 %

Shares of EVGO opened at $3.13 on Wednesday. The company has a market capitalization of $948.86 million, a P/E ratio of -7.45 and a beta of 2.32. The firm has a 50 day moving average of $3.84 and a 200 day moving average of $4.97. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the sale, the president now owns 95,986 shares of the company’s stock, valued at $327,312.26. The trade was a 31.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction, 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. In the last quarter, insiders sold 23,061,563 shares of company stock valued at $115,225,745. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Creative Planning lifted its stake in shares of EVgo by 32.7% during the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after buying an additional 3,297 shares in the last quarter. Legacy Capital Wealth Partners LLC lifted its stake in shares of EVgo by 31.8% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after buying an additional 3,500 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of EVgo by 5.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 86,588 shares of the company’s stock valued at $351,000 after buying an additional 4,597 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of EVgo by 3.2% during the 4th quarter. Rhumbline Advisers now owns 148,541 shares of the company’s stock valued at $602,000 after buying an additional 4,622 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of EVgo by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 298,794 shares of the company’s stock valued at $1,210,000 after buying an additional 5,377 shares in the last quarter. 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.