Evercore ISI Has Lowered Expectations for EVgo (NASDAQ:EVGO) Stock Price

EVgo (NASDAQ:EVGO) had its target price cut by Evercore ISI from $7.00 to $4.00 in a research note released on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other analysts also recently issued research reports about the company. UBS Group decreased their target price on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Stifel Nicolaus decreased their price target on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. JPMorgan Chase & Co. lowered their price target on EVgo from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 target price on shares of EVgo in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $5.78.

EVgo Trading Down 2.2 %

Shares of EVGO opened at $2.65 on Monday. EVgo has a 12 month low of $1.65 and a 12 month high of $9.07. The business’s fifty day simple moving average is $2.87 and its two-hundred day simple moving average is $4.69. The company has a market cap of $811.76 million, a price-to-earnings ratio of -6.31 and a beta of 2.37.

EVgo (NASDAQ:EVGO) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.04. The business had revenue of $67.51 million for the quarter, compared to analysts’ expectations of $69.49 million. As a group, research analysts forecast that EVgo will post -0.45 EPS for the current year.

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 17,379 shares of EVgo stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the transaction, the president now directly owns 13,655 shares of the company’s stock, valued at $58,989.60. The trade was a 56.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. State Street Corp grew its position in shares of EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after purchasing an additional 847,777 shares during the period. Quantbot Technologies LP purchased a new stake in shares of EVgo in the 4th quarter valued at $523,000. Geode Capital Management LLC lifted its position in shares of EVgo by 3.9% during the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after purchasing an additional 90,887 shares in the last quarter. Amundi acquired a new position in shares of EVgo in the fourth quarter worth $113,000. Finally, Erste Asset Management GmbH acquired a new stake in EVgo in the 4th quarter valued at about $2,321,000. 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.