EVgo (NASDAQ:EVGO) Now Covered by Analysts at Morgan Stanley

Equities researchers at Morgan Stanley began coverage on shares of EVgo (NASDAQ:EVGO - Get Free Report) in a report released on Tuesday,Benzinga reports. The firm set an "equal weight" rating and a $4.00 price target on the stock. Morgan Stanley's price objective suggests a potential upside of 2.83% from the stock's current price.

EVGO has been the subject of several other research reports. Evercore ISI dropped their target price 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. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of EVgo in a research report on Thursday, May 8th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $8.00 price objective on shares of EVgo in a research note on Wednesday, March 5th. Roth Capital restated a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus dropped their price target on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $6.00.

EVgo Price Performance

Shares of EVGO stock traded up $0.03 on Tuesday, hitting $3.89. The stock had a trading volume of 2,344,300 shares, compared to its average volume of 4,471,302. The firm has a market capitalization of $1.19 billion, a P/E ratio of -9.26 and a beta of 2.27. The company's 50 day moving average price is $3.12 and its 200-day moving average price is $3.69. EVgo has a 1 year low of $1.94 and a 1 year high of $9.07.

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

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 73,215 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total transaction of $270,163.35. Following the sale, the president now owns 72,269 shares of the company's stock, valued at approximately $266,672.61. This trade represents a 50.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 58.79% of the company's stock.

Institutional Trading of EVgo

A number of institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC purchased a new position in EVgo during the first quarter worth about $30,000. Merit Financial Group LLC purchased a new position in EVgo in the 1st quarter valued at about $31,000. Mariner LLC purchased a new stake in EVgo during the 4th quarter worth approximately $48,000. Ballentine Partners LLC acquired a new stake in EVgo in the first quarter valued at $32,000. Finally, FORA Capital LLC bought a new position in shares of EVgo during the fourth quarter worth about $56,000. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

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.