EVgo (NASDAQ:EVGO) Downgraded by Wall Street Zen to "Strong Sell"

Key Points

• EVgo was downgraded by Wall Street Zen from “sell” to “strong sell”, adding to a mixed analyst picture that currently averages to a Hold rating with a $5.28 target price.
• The company’s latest quarterly results showed 45.4% year-over-year revenue growth to $109.53 million, and EPS of -$0.12 came in better than the consensus estimate of -$0.14.
• EVgo shares were up 3.7% on Friday and opened at $1.97, but the stock remains well below its 52-week high of $5.18 and carries a high debt-to-equity ratio of 5.39.

EVgo (NASDAQ:EVGO - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Saturday.

Other equities research analysts have also issued research reports about the company. Cantor Fitzgerald reduced their price target on EVgo from $7.00 to $6.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 4th. Benchmark reissued a "buy" rating on shares of EVgo in a research note on Monday, March 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of EVgo in a research note on Thursday, January 22nd. Stifel Nicolaus dropped their price objective on EVgo from $7.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, March 4th. Finally, Royal Bank Of Canada dropped their price objective on EVgo from $4.50 to $3.00 and set an "outperform" rating on the stock in a research note on Wednesday. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $5.28.

EVgo Trading Up 3.7%

NASDAQ EVGO opened at $1.97 on Friday. The business's 50-day moving average price is $2.09 and its two-hundred day moving average price is $2.82. EVgo has a 12 month low of $1.64 and a 12 month high of $5.18. The firm has a market capitalization of $616.77 million, a PE ratio of -5.63 and a beta of 2.82. The company has a current ratio of 2.07, a quick ratio of 2.19 and a debt-to-equity ratio of 5.39.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.02. The company had revenue of $109.53 million during the quarter. During the same quarter in the previous year, the business earned ($0.09) EPS. The company's revenue was up 45.4% on a year-over-year basis. On average, analysts expect that EVgo will post -0.46 EPS for the current year.

Institutional Investors Weigh In On EVgo

Several institutional investors have recently made changes to their positions in EVGO. Quarry LP raised its position in shares of EVgo by 145.0% in the fourth quarter. Quarry LP now owns 9,307 shares of the company's stock worth $27,000 after buying an additional 5,508 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in EVgo during the fourth quarter valued at about $27,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of EVgo by 4,903.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 9,856 shares of the company's stock worth $29,000 after buying an additional 9,659 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of EVgo in the fourth quarter worth about $32,000. Finally, Fullerton Advisors LLC purchased a new position in shares of EVgo in the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 17.44% of the company's stock.

About EVgo

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.

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