Brokerages Set EVgo, Inc. (NASDAQ:EVGO) Target Price at $5.78

EVgo, Inc. (NASDAQ:EVGO - Get Free Report) has earned an average rating of "Buy" from the twelve research firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, nine have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $6.25.

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reissued an "overweight" rating on shares of EVgo in a research note on Thursday. Evercore ISI lowered their target price on EVgo from $7.00 to $4.00 and set an "outperform" rating on the stock in a research note on Monday, March 31st. Cantor Fitzgerald reiterated an "overweight" rating and set a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. Roth Capital reiterated a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a report on Wednesday, March 5th.

Hedge Funds Weigh In On EVgo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. Merit Financial Group LLC bought a new position in shares of EVgo in the first quarter valued at approximately $31,000. Ballentine Partners LLC acquired a new stake in EVgo during the 1st quarter valued at $32,000. Mariner LLC bought a new position in EVgo in the 4th quarter valued at $48,000. Teacher Retirement System of Texas acquired a new position in EVgo in the first quarter worth $48,000. Finally, XTX Topco Ltd bought a new stake in shares of EVgo during the first quarter worth $55,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

EVgo Price Performance

Shares of EVGO stock traded down $0.06 on Thursday, hitting $3.68. 1,456,671 shares of the stock traded hands, compared to its average volume of 4,322,524. The company's fifty day moving average is $2.74 and its 200 day moving average is $3.98. EVgo has a 1-year low of $1.92 and a 1-year high of $9.07. The company has a market capitalization of $1.13 billion, a PE ratio of -8.76 and a beta of 2.27.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.09) earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.02. The company had revenue of $75.29 million for the quarter, compared to analyst estimates of $70.11 million. During the same quarter in the previous year, the company posted ($0.09) earnings per share. The firm's revenue for the quarter was up 36.4% compared to the same quarter last year. As a group, equities research 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.