EVgo Inc. (NASDAQ:EVGO) Stock Has Consensus Target Price of $2.93 According to Brokerages

Key Points

• Analyst consensus on EVgo is “Hold,” based on nine ratings: six buys, one hold and two sells. The average 12-month price target is $2.93, well above the stock’s reported $1.09 price.
• EVgo reported quarterly revenue of $82.65 million and a loss of $0.15 per share, beating the consensus loss estimate of $0.18. However, revenue declined 15.7% year over year, and analysts expect a full-year loss of $0.51 per share.
• The stock remains near its one-year low of $1.06, with a market capitalization of about $342.8 million and high leverage reflected in a debt-to-equity ratio of 5.39. Institutional investors own 17.44% of the company.

EVgo Inc. (NASDAQ:EVGO - Get Free Report) has been given an average rating of "Hold" by the nine ratings firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $2.93.

Several research analysts have issued reports on EVGO shares. Evercore restated an "outperform" rating and set a $2.50 target price on shares of EVgo in a research report on Monday, September 21st. UBS Group reaffirmed a "buy" rating on shares of EVgo in a research note on Wednesday, October 7th. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a report on Wednesday, August 5th. Roth Capital set a $2.00 price target on EVgo in a report on Monday, August 10th. Finally, Weiss Ratings raised EVgo from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, October 6th.

Institutional Trading of EVgo

Large investors have recently made changes to their positions in the stock. Lazard Asset Management LLC grew its position in shares of EVgo by 89.4% during the 1st quarter. Lazard Asset Management LLC now owns 652,657 shares of the company's stock worth $1,123,000 after buying an additional 307,984 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of EVgo during the second quarter valued at $149,000. Kintra Wealth LLC bought a new stake in shares of EVgo in the second quarter valued at about $25,000. J. Derek Lewis & Associates Inc. raised its holdings in shares of EVgo by 59.3% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 43,000 shares of the company's stock valued at $74,000 after purchasing an additional 16,000 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of EVgo by 94.4% in the 1st quarter. Royal Bank of Canada now owns 41,038 shares of the company's stock valued at $70,000 after purchasing an additional 19,929 shares in the last quarter. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Price Performance

NASDAQ:EVGO opened at $1.09 on Thursday. The firm has a market capitalization of $342.83 million, a price-to-earnings ratio of -2.72 and a beta of 2.87. The company has a debt-to-equity ratio of 5.39, a current ratio of 2.19 and a quick ratio of 2.19. The business has a 50 day simple moving average of $1.41 and a 200-day simple moving average of $1.73. EVgo has a 1 year low of $1.06 and a 1 year high of $4.79.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.03. The firm had revenue of $82.65 million during the quarter. During the same quarter in the prior year, the company posted ($0.10) earnings per share. The company's revenue for the quarter was down 15.7% on a year-over-year basis. Equities analysts forecast that EVgo will post -0.51 EPS for the current year.

About EVgo

EVgo, Inc operates a public electric vehicle (EV) fast-charging network in the United States. The company develops, owns, and operates charging stations designed primarily for drivers who need to recharge away from home, including at retail centers, grocery stores, parking facilities, and other convenient locations.

Through its EVgo network and mobile application, the company provides charging access, station availability and payment features, and related subscription options. EVgo also offers charging solutions for commercial fleets, rideshare drivers, businesses, utilities, automakers, and other partners.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.