EVgo (NASDAQ:EVGO) PT Set at $4.00 by Morgan Stanley

EVgo (NASDAQ:EVGO - Get Free Report) has been assigned a $4.00 target price by equities research analysts at Morgan Stanley in a note issued to investors on Tuesday, Marketbeat Ratings reports. The firm currently has an "equal weight" rating on the stock.

A number of other equities research analysts also recently issued reports on the company. Stifel Nicolaus reduced their price target on EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Roth Capital reissued a "buy" rating on shares of EVgo in a report on Wednesday, May 7th. JPMorgan Chase & Co. restated an "overweight" rating on shares of EVgo in a research report on Thursday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. Finally, Evercore ISI decreased their price objective on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating on the stock in a research note on Monday, March 31st. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $6.00.

EVgo Trading Up 5.3%

EVGO stock traded up $0.20 during trading hours on Tuesday, hitting $4.00. 3,599,765 shares of the stock were exchanged, compared to its average volume of 4,450,787. EVgo has a 12 month low of $1.95 and a 12 month high of $9.07. The firm has a market capitalization of $1.23 billion, a P/E ratio of -9.52 and a beta of 2.41. The company has a 50-day simple moving average of $3.19 and a two-hundred day simple moving average of $3.66.

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

Insider Activity

In other news, President Dennis G. Kish sold 73,215 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total value of $270,163.35. Following the sale, the president now directly owns 72,269 shares in the company, valued at approximately $266,672.61. This trade represents a 50.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 58.79% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On EVgo

Hedge funds have recently made changes to their positions in the stock. Summit Securities Group LLC acquired a new stake in shares of EVgo during the first quarter valued at about $30,000. Merit Financial Group LLC bought a new position in EVgo in the 1st quarter valued at approximately $31,000. Ballentine Partners LLC acquired a new stake in EVgo during the 1st quarter worth approximately $32,000. Hsbc Holdings PLC bought a new stake in EVgo during the 1st quarter worth approximately $38,000. Finally, Adams Wealth Management bought a new stake in EVgo during the 1st quarter worth approximately $46,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.