JPMorgan Chase & Co. Cuts EVgo (NASDAQ:EVGO) Price Target to $5.00

EVgo (NASDAQ:EVGO) had its price objective cut by JPMorgan Chase & Co. from $6.00 to $5.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

EVGO has been the subject of several other reports. UBS Group decreased their price objective 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. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $8.00 price objective on shares of EVgo in a research report on Wednesday, March 5th. Finally, Stifel Nicolaus decreased their price objective on shares of EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Two equities 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.com, the company presently has an average rating of “Buy” and an average target price of $6.11.

EVgo Stock Down 4.4 %

NASDAQ:EVGO opened at $2.40 on Wednesday. The company has a fifty day simple moving average of $3.23 and a two-hundred day simple moving average of $4.85. The company has a market cap of $727.56 million, a price-to-earnings ratio of -5.71 and a beta of 2.37. EVgo has a 52 week low of $1.65 and a 52 week high of $9.07.

EVgo (NASDAQ:EVGO) last released its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.04. The firm had revenue of $67.51 million for the quarter, compared to analysts’ expectations of $69.49 million. On average, analysts expect that EVgo will post -0.45 EPS for the current year.

Insider Activity

In other news, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the transaction, the president now directly owns 95,986 shares in the company, valued at $327,312.26. The trade was a 31.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 23,061,563 shares of company stock valued at $115,225,745. Insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Creative Planning increased its stake in shares of EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after acquiring an additional 3,297 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of EVgo by 5.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 86,588 shares of the company’s stock worth $351,000 after acquiring an additional 4,597 shares during the period. Rhumbline Advisers increased its stake in shares of EVgo by 3.2% during the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company’s stock worth $602,000 after acquiring an additional 4,622 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of EVgo by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 298,794 shares of the company’s stock worth $1,210,000 after acquiring an additional 5,377 shares during the period. Finally, Paloma Partners Management Co grew its position in EVgo by 25.0% during the fourth quarter. Paloma Partners Management Co now owns 30,000 shares of the company’s stock worth $122,000 after buying an additional 5,993 shares during the period. 17.44% of the stock is currently owned by institutional investors and hedge funds.

EVgo Company Profile

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.