Brokerages Set EVgo Inc. (NASDAQ:EVGO) PT at $6.00

EVgo Inc. (NASDAQ:EVGO - Get Free Report) has been given a consensus rating of "Buy" by the thirteen ratings firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $6.00.

A number of equities research analysts recently weighed in on the stock. Cantor Fitzgerald reissued an "overweight" rating and set a $8.00 price target on shares of EVgo in a research note on Wednesday, March 5th. Stifel Nicolaus dropped their price objective on EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. restated an "overweight" rating on shares of EVgo in a report on Thursday, May 8th. Evercore ISI lowered their price target on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research note on Monday, March 31st. Finally, Morgan Stanley set a $4.00 price target on shares of EVgo and gave the company an "equal weight" rating in a research report on Tuesday, June 3rd.

Insider Transactions at EVgo

In other EVgo news, President Dennis G. Kish sold 73,215 shares of EVgo stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total value of $270,163.35. Following the transaction, the president owned 72,269 shares of the company's stock, valued at approximately $266,672.61. The trade was a 50.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 58.79% of the company's stock.

Institutional Investors Weigh In On EVgo

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Summit Securities Group LLC bought a new position in EVgo during the 1st quarter worth about $30,000. Merit Financial Group LLC acquired a new position in shares of EVgo during the first quarter worth about $31,000. Ballentine Partners LLC acquired a new position in shares of EVgo during the first quarter worth about $32,000. Hsbc Holdings PLC bought a new position in shares of EVgo during the first quarter worth about $38,000. Finally, Adams Wealth Management bought a new position in shares of EVgo during the first quarter worth about $46,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

EVgo Stock Down 1.9%

EVGO stock traded down $0.07 during trading on Friday, hitting $3.65. The company had a trading volume of 3,556,130 shares, compared to its average volume of 4,686,809. The firm has a 50-day moving average price of $3.69 and a 200-day moving average price of $3.37. EVgo has a 12 month low of $2.19 and a 12 month high of $9.07. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -8.90 and a beta of 2.40.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.02. The firm had revenue of $75.29 million during the quarter, compared to the consensus estimate of $70.11 million. EVgo's revenue was up 36.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.09) EPS. Equities analysts expect that EVgo will post -0.45 EPS for the current year.

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.