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

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 - Get Free Report) had its price target boosted by Morgan Stanley from $4.00 to $4.50 in a report released on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 30.81% from the stock's current price.

A number of other equities analysts also recently weighed in on the stock. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Roth Capital reaffirmed a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, EVgo has an average rating of "Buy" and a consensus target price of $6.19.

EVgo Trading Down 6.0%

EVGO stock traded down $0.22 during trading on Wednesday, hitting $3.44. 3,650,526 shares of the stock traded hands, compared to its average volume of 4,505,319. EVgo has a one year low of $2.19 and a one year high of $9.07. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -8.39 and a beta of 2.33. The company has a 50 day simple moving average of $3.78 and a 200 day simple moving average of $3.25.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.03. The company had revenue of $98.03 million during the quarter, compared to the consensus estimate of $86.15 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The company's revenue was up 47.1% on a year-over-year basis. As a group, analysts predict that EVgo will post -0.45 earnings per share for the current fiscal year.

Insider Activity at EVgo

In other news, President Dennis G. Kish sold 73,215 shares of the business's stock in a transaction 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 owned 72,269 shares of the company's stock, valued at $266,672.61. The trade was a 50.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 58.79% of the stock is currently owned by corporate insiders.

Institutional Trading of EVgo

A number of institutional investors have recently made changes to their positions in EVGO. Raymond James Financial Inc. bought a new stake in shares of EVgo in the fourth quarter worth $80,000. KLP Kapitalforvaltning AS bought a new stake in shares of EVgo in the fourth quarter worth $102,000. Vanguard Group Inc. lifted its position in shares of EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock worth $49,414,000 after purchasing an additional 2,043,449 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of EVgo by 93.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock worth $4,915,000 after purchasing an additional 586,108 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in EVgo by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 2,432,183 shares of the company's stock worth $9,853,000 after acquiring an additional 12,320 shares in the last quarter. Institutional investors own 17.44% of the company's stock.

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.

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