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

Key Points

• EVgo Inc. has received a consensus rating of "Moderate Buy" from analysts, with one sell, two hold, seven buy, and one strong buy recommendations among the eleven brokerages covering the stock.
• The average 12-month price objective for EVgo is $6.13, reflecting positive sentiment among brokers after a solid earnings report where the company topped revenue expectations with $98.03 million.
• Significant institutional investment activity includes Soros Fund Management increasing its stake in EVgo by 342.2%, highlighting growing confidence in the company’s future prospects.

EVgo Inc. (NASDAQ:EVGO - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eleven brokerages that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $6.1286.

A number of equities research analysts recently weighed in on EVGO shares. UBS Group upped their price objective on EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Weiss Ratings restated a "sell (d-)" rating on shares of EVgo in a research note on Saturday, September 27th. Finally, Morgan Stanley upped their price objective on EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th.

Institutional Investors Weigh In On EVgo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC raised its stake in EVgo by 25.9% in the first quarter. Millennium Management LLC now owns 5,819,392 shares of the company's stock valued at $15,480,000 after buying an additional 1,195,470 shares during the last quarter. Soros Fund Management LLC raised its stake in EVgo by 342.2% in the second quarter. Soros Fund Management LLC now owns 4,976,983 shares of the company's stock valued at $18,166,000 after buying an additional 3,851,583 shares during the last quarter. HITE Hedge Asset Management LLC raised its stake in EVgo by 220.0% in the first quarter. HITE Hedge Asset Management LLC now owns 3,348,303 shares of the company's stock valued at $8,906,000 after buying an additional 2,301,886 shares during the last quarter. Geode Capital Management LLC raised its stake in EVgo by 11.1% in the second quarter. Geode Capital Management LLC now owns 3,147,529 shares of the company's stock valued at $11,490,000 after buying an additional 313,335 shares during the last quarter. Finally, Invesco Ltd. raised its stake in EVgo by 39.4% in the first quarter. Invesco Ltd. now owns 1,826,705 shares of the company's stock valued at $4,859,000 after buying an additional 516,382 shares during the last quarter. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

EVgo Price Performance

Shares of NASDAQ EVGO opened at $4.98 on Friday. The stock has a market capitalization of $1.53 billion, a P/E ratio of -12.15 and a beta of 2.37. EVgo has a 1-year low of $2.19 and a 1-year high of $9.07. The business has a fifty day moving average price of $4.05 and a 200 day moving average price of $3.62.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.03. The company had revenue of $98.03 million for the quarter, compared to analysts' expectations of $86.15 million. The company's revenue for the quarter was up 47.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.10) earnings per share. EVgo has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that EVgo will post -0.45 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.