EVgo (NASDAQ:EVGO) Price Target Raised to $4.50

Key Points

• Morgan Stanley raised the price target for EVgo from $4.00 to $4.50, indicating a potential upside of 30.81% from the current stock price.
• EVgo reported a revenue increase of 47.1% year-over-year, with earnings per share at ($0.10), surpassing analysts' expectations.
• The stock is currently trading at $3.44, with a market cap of $1.06 billion and a beta of 2.33, suggesting higher volatility compared to the market.

EVgo (NASDAQ:EVGO - Free Report) had its price objective raised by Morgan Stanley from $4.00 to $4.50 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other analysts also recently issued reports about the stock. Roth Capital reissued a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of EVgo in a report on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, EVgo currently has a consensus rating of "Buy" and an average price target of $6.19.

EVgo Stock Performance

Shares of NASDAQ EVGO traded down $0.03 during trading on Wednesday, hitting $3.46. The company had a trading volume of 4,047,228 shares, compared to its average volume of 4,602,330. The company has a market cap of $1.06 billion, a P/E ratio of -8.44 and a beta of 2.33. The business's 50-day moving average is $3.76 and its 200 day moving average is $3.26. EVgo has a 52 week low of $2.19 and a 52 week high of $9.07.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) 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 analyst estimates of $86.15 million. During the same period last year, the firm earned ($0.10) earnings per share. The firm's revenue for the quarter was up 47.1% on a year-over-year basis. On average, research analysts expect that EVgo will post -0.45 EPS for the current year.

Insider Activity

In related news, President Dennis G. Kish sold 73,215 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the completion of the sale, the president directly owned 72,269 shares in the company, valued at approximately $266,672.61. The trade was a 50.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 58.79% of the company's stock.

Institutional Trading of EVgo

Several large investors have recently modified their holdings of EVGO. Ethic Inc. acquired a new position in shares of EVgo during the second quarter worth approximately $38,000. Summit Securities Group LLC acquired a new stake in shares of EVgo during the 1st quarter worth approximately $30,000. Merit Financial Group LLC bought a new stake in shares of EVgo during the first quarter valued at approximately $31,000. Mariner LLC acquired a new stake in EVgo during the fourth quarter worth $48,000. Finally, Ballentine Partners LLC bought a new stake in EVgo in the first quarter valued at about $32,000. 17.44% of the stock is owned by 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.