EVgo (NASDAQ:EVGO) Price Target Lowered to $3.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut its price target on EVgo from $4.50 to $3.00 but maintained an "outperform" rating, implying roughly a 42.6% upside from the current share price.
• EVgo beat Q1 estimates with EPS of ($0.12) and record revenue of ~$110M (up ~45% YoY), but provided weak Q2 guidance of $75M–$85M and remains unprofitable, posing near-term risks.
• Consensus among analysts is a "Moderate Buy" (6 Buys, 3 Holds, 1 Sell) with an average target of $5.28, while the stock trades around $2.10 with a market cap near $659M.

EVgo (NASDAQ:EVGO - Get Free Report) had its price target dropped by investment analysts at Royal Bank Of Canada from $4.50 to $3.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 42.59% from the company's current price.

A number of other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. restated a "neutral" rating on shares of EVgo in a research report on Wednesday, March 25th. Weiss Ratings reiterated a "sell (d-)" rating on shares of EVgo in a report on Thursday, January 22nd. Cantor Fitzgerald lowered their price target on EVgo from $7.00 to $6.00 and set an "overweight" rating on the stock in a report on Wednesday, March 4th. Stifel Nicolaus decreased their target price on EVgo from $7.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, March 4th. Finally, Benchmark reissued a "buy" rating on shares of EVgo in a report on Monday, March 2nd. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $5.28.

EVgo Stock Up 0.2%

Shares of EVGO traded up $0.00 during trading on Wednesday, reaching $2.10. The company's stock had a trading volume of 2,151,748 shares, compared to its average volume of 4,078,423. EVgo has a twelve month low of $1.64 and a twelve month high of $5.18. The company has a market cap of $658.72 million, a price-to-earnings ratio of -6.55 and a beta of 2.82. The company has a fifty day moving average of $2.13 and a two-hundred day moving average of $2.86.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.02. The company had revenue of $109.53 million for the quarter. The business's revenue was up 45.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) earnings per share. As a group, equities analysts forecast that EVgo will post -0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On EVgo

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of EVgo by 1.3% in the third quarter. Vanguard Group Inc. now owns 12,399,808 shares of the company's stock valued at $58,651,000 after acquiring an additional 157,376 shares during the last quarter. State Street Corp boosted its holdings in shares of EVgo by 59.3% during the 4th quarter. State Street Corp now owns 6,346,462 shares of the company's stock worth $18,468,000 after buying an additional 2,362,435 shares during the period. Millennium Management LLC grew its stake in EVgo by 25.9% in the 1st 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 holdings in EVgo by 12.5% in the 4th quarter. Soros Fund Management LLC now owns 4,500,000 shares of the company's stock valued at $13,095,000 after acquiring an additional 500,000 shares during the period. Finally, Invesco Ltd. lifted its position in EVgo by 111.0% during the fourth quarter. Invesco Ltd. now owns 4,424,683 shares of the company's stock worth $12,876,000 after acquiring an additional 2,327,545 shares during the last quarter. Institutional investors own 17.44% of the company's stock.

Key EVgo News

Here are the key news stories impacting EVgo this week:

• Positive Sentiment: Q1 beat on the top and bottom lines: EPS of ($0.12) topped consensus ($0.14) and revenue was a record ~$110M, up ~45% year-over-year; charging revenue climbed ~18% (17th consecutive quarter of double-digit charging growth). GlobeNewswire: Q1 Results
• Positive Sentiment: DOE loan amendment and liquidity update were highlighted on the call, and management reiterated a long-term target of $0.5B adjusted EBITDA by 2030 — supportive for financing flexibility and the company’s path to profitability. MSN: DOE loan amendment & EBITDA target
• Positive Sentiment: Management tone on the earnings call emphasized growth, scale and network expansion, which analysts and summaries framed as upbeat and supportive of future volume/revenue expansion. TipRanks: Call highlights
• Neutral Sentiment: Full-year 2026 revenue guidance was reiterated as a wide range ($410M–$470M), which includes consensus; the range leaves room for upside or downside, so investors will watch execution against the midpoint. GlobeNewswire: Guidance
• Negative Sentiment: Near-term concern: Q2 revenue guidance ($75M–$85M) is well below street second-quarter expectations (~$106M), creating uncertainty about near-term growth cadence and likely pressuring short-term sentiment. Zacks: Q1 results & guidance
• Negative Sentiment: Company remains unprofitable (EPS still negative and slightly worse year-over-year compared to prior-year quarter), so longer-term targets hinge on sustained revenue growth and margin improvement. Zacks: Key metrics

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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