EVgo, Inc. (NASDAQ:EVGO) Receives Consensus Recommendation of "Buy" from Analysts

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

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.00 price objective on shares of EVgo in a report on Wednesday, March 5th. Needham & Company LLC restated a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. Morgan Stanley initiated coverage on shares of EVgo in a research note on Tuesday. They set an "equal weight" rating and a $4.00 price target for the company. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Finally, Evercore ISI lowered their price objective on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research report on Monday, March 31st.

Insider Activity

In other news, President Dennis G. Kish sold 73,215 shares of EVgo stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total value of $270,163.35. Following the completion of the transaction, the president now owns 72,269 shares of the company's stock, valued at $266,672.61. This trade represents a 50.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 58.79% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EVgo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its holdings in EVgo by 2.5% in the 1st quarter. Rhumbline Advisers now owns 152,281 shares of the company's stock valued at $405,000 after purchasing an additional 3,740 shares during the period. Millennium Management LLC boosted its holdings in shares of EVgo by 25.9% during the 1st quarter. Millennium Management LLC now owns 5,819,392 shares of the company's stock valued at $15,480,000 after acquiring an additional 1,195,470 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in EVgo by 31.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,339 shares of the company's stock valued at $222,000 after purchasing an additional 19,883 shares during the last quarter. Corigliano Investment Advisers LLC raised its stake in shares of EVgo by 200.0% during the first quarter. Corigliano Investment Advisers LLC now owns 75,000 shares of the company's stock valued at $200,000 after acquiring an additional 50,000 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in EVgo by 1,188.1% during the 1st quarter. AQR Capital Management LLC now owns 494,598 shares of the company's stock worth $1,316,000 after purchasing an additional 456,201 shares during the last quarter. 17.44% of the stock is owned by institutional investors.

EVgo Trading Down 2.3%

EVgo stock traded down $0.09 on Monday, reaching $3.80. 3,141,384 shares of the stock were exchanged, compared to its average volume of 4,458,674. The firm has a fifty day moving average price of $3.17 and a two-hundred day moving average price of $3.68. EVgo has a twelve month low of $1.95 and a twelve month high of $9.07. The stock has a market cap of $1.17 billion, a PE ratio of -9.05 and a beta of 2.41.

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