EVgo Inc. (NASDAQ:EVGO) Given Average Rating of "Buy" by Brokerages

Shares of EVgo Inc. (NASDAQ:EVGO - Get Free Report) have earned an average rating of "Buy" from the thirteen ratings firms that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $6.00.

Several analysts recently issued reports on EVGO shares. Stifel Nicolaus dropped their target price on EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a report on Wednesday, March 5th. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of EVgo in a report on Thursday, May 8th. Evercore ISI dropped their target price on EVgo from $7.00 to $4.00 and set an "outperform" rating on the stock in a report on Monday, March 31st. Finally, Morgan Stanley set a $4.00 target price on EVgo and gave the stock an "equal weight" rating in a report on Tuesday, June 3rd.

EVgo Price Performance

Shares of EVgo stock opened at $3.94 on Friday. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -9.61 and a beta of 2.41. The stock's 50-day moving average is $3.64 and its 200-day moving average is $3.45. EVgo has a one year low of $2.19 and a one year high of $9.07.

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

Insider Buying and Selling at EVgo

In other EVgo news, President Dennis G. Kish sold 73,215 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the sale, the president now owns 72,269 shares in the company, valued at $266,672.61. This represents a 50.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 58.79% of the company's stock.

Hedge Funds Weigh In On EVgo

Large investors have recently made changes to their positions in the company. Summit Securities Group LLC bought a new position in shares of EVgo during the first quarter worth approximately $30,000. Merit Financial Group LLC bought a new position in shares of EVgo during the first quarter worth approximately $31,000. Mariner LLC bought a new position in shares of EVgo during the fourth quarter worth approximately $48,000. Ballentine Partners LLC bought a new position in shares of EVgo during the first quarter worth approximately $32,000. Finally, FORA Capital LLC bought a new position in shares of EVgo during the fourth quarter worth approximately $56,000. 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.

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