EVgo (NYSE:EVGO) Upgraded by Cantor Fitzgerald to “Overweight”

EVgo (NYSE:EVGO) was upgraded by stock analysts at Cantor Fitzgerald from a “neutral” rating to an “overweight” rating in a note issued to investors on Thursday, FinViz reports. The firm presently has a $4.00 price objective on the stock, down from their prior price objective of $5.00. Cantor Fitzgerald’s target price suggests a potential upside of 128.57% from the company’s current price.

Several other brokerages also recently issued reports on EVGO. Royal Bank of Canada reissued an “outperform” rating and set a $4.00 price objective on shares of EVgo in a research report on Friday, April 5th. Evercore ISI lowered their target price on EVgo from $9.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, March 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Wednesday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, EVgo currently has an average rating of “Moderate Buy” and an average price target of $5.06.

EVgo Trading Down 2.2 %

NYSE EVGO opened at $1.75 on Thursday. The stock has a 50-day simple moving average of $2.23 and a 200 day simple moving average of $2.60. The company has a market capitalization of $527.66 million, a PE ratio of -3.72 and a beta of 2.53. EVgo has a 12 month low of $1.65 and a 12 month high of $6.20.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The business had revenue of $55.16 million for the quarter, compared to analyst estimates of $52.41 million. During the same period in the prior year, the business earned ($0.09) EPS. The company’s revenue for the quarter was up 118.0% compared to the same quarter last year. As a group, sell-side analysts predict that EVgo will post -0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other EVgo news, President Dennis G. Kish sold 34,717 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total value of $104,151.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other EVgo news, President Dennis G. Kish sold 34,717 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total value of $104,151.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Olga Shevorenkova sold 19,363 shares of EVgo stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total transaction of $58,089.00. Following the completion of the transaction, the chief financial officer now directly owns 81,991 shares of the company’s stock, valued at approximately $245,973. The disclosure for this sale can be found here. Insiders have sold 56,230 shares of company stock valued at $167,409 in the last three months. 66.96% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On EVgo

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in shares of EVgo by 323.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company’s stock worth $9,207,000 after acquiring an additional 2,080,839 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of EVgo by 4.6% in the third quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock valued at $32,114,000 after purchasing an additional 421,704 shares during the last quarter. Capula Management Ltd bought a new position in shares of EVgo in the third quarter valued at about $797,000. Dark Forest Capital Management LP lifted its stake in shares of EVgo by 1,862.2% during the 3rd quarter. Dark Forest Capital Management LP now owns 244,722 shares of the company’s stock worth $827,000 after buying an additional 232,250 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of EVgo during the 3rd quarter worth about $774,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.