EVgo (NYSE:EVGO) Upgraded at UBS Group

UBS Group upgraded shares of EVgo (NYSE:EVGO) from a neutral rating to a buy rating in a research report released on Thursday, Marketbeat reports. UBS Group currently has $8.50 price target on the stock, up from their prior price target of $4.00.

Several other equities research analysts also recently commented on EVGO. Cantor Fitzgerald restated an overweight rating and issued a $5.00 target price on shares of EVgo in a research note on Monday, September 30th. Needham & Company LLC restated a hold rating on shares of EVgo in a research report on Thursday, August 29th. JPMorgan Chase & Co. upgraded shares of EVgo from a neutral rating to an overweight rating and set a $7.00 target price for the company in a research note on Thursday, October 3rd. Royal Bank of Canada lifted their price objective on EVgo from $4.00 to $8.00 and gave the company an outperform rating in a research report on Wednesday, October 9th. Finally, TD Cowen raised EVgo from a hold rating to a buy rating and lifted their price target for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $6.17.

EVgo Stock Up 8.1 %

NYSE EVGO opened at $7.23 on Thursday. EVgo has a twelve month low of $1.65 and a twelve month high of $7.94. The stock has a market cap of $2.18 billion, a P/E ratio of -19.03 and a beta of 2.58. The company’s 50-day simple moving average is $4.45 and its 200 day simple moving average is $3.14.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.01. The company had revenue of $66.62 million during the quarter, compared to the consensus estimate of $59.40 million. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.08) earnings per share. Research analysts anticipate that EVgo will post -0.4 earnings per share for the current year.

Insider Transactions at EVgo

In related news, President Dennis G. Kish sold 16,414 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the transaction, the president now directly owns 47,614 shares in the company, valued at $171,410.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other EVgo news, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the sale, the president now owns 47,614 shares in the company, valued at approximately $171,410.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Francine Sullivan sold 12,584 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares in the company, valued at approximately $422,377.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 66.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EVgo

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of EVgo by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock valued at $24,344,000 after acquiring an additional 37,168 shares during the period. Wellington Management Group LLP raised its holdings in EVgo by 34.9% in the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after purchasing an additional 951,272 shares during the period. Marshall Wace LLP boosted its position in shares of EVgo by 66.4% during the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after purchasing an additional 651,475 shares in the last quarter. SIR Capital Management L.P. grew its holdings in shares of EVgo by 76.9% in the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after buying an additional 416,800 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of EVgo in the 2nd quarter valued at $1,749,000. 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.