Needham & Company LLC Reaffirms "Hold" Rating for EVgo (NASDAQ:EVGO)

Key Points

• Needham & Company LLC has reaffirmed its "Hold" rating for EVgo, while other analysts like Weiss Ratings and UBS Group have issued differing ratings and target price changes for the stock.
• EVgo's stock has shown a price increase of 12.4% recently, with shares opening at $4.80 and a market capitalization of $1.48 billion.
• The company reported a 47.1% year-over-year revenue increase in its last quarterly earnings, surpassing analysts' expectations with a revenue of $98.03 million.

EVgo (NASDAQ:EVGO - Get Free Report)'s stock had its "hold" rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports.

A number of other research analysts also recently commented on the company. Weiss Ratings restated a "sell (d-)" rating on shares of EVgo in a research note on Wednesday, October 8th. Morgan Stanley boosted their target price on EVgo from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Finally, UBS Group boosted their target price on EVgo from $5.00 to $5.40 and gave the company a "buy" rating in a research note on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $5.82.

EVgo Trading Up 12.4%

Shares of EVGO stock opened at $4.80 on Tuesday. EVgo has a 1-year low of $2.19 and a 1-year high of $9.07. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -11.71 and a beta of 2.37. The stock's fifty day simple moving average is $4.19 and its 200-day simple moving average is $3.70.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.03. The business had revenue of $98.03 million for the quarter, compared to analysts' expectations of $86.15 million. During the same quarter in the prior year, the firm posted ($0.10) EPS. The business's quarterly revenue was up 47.1% compared to the same quarter last year. EVgo has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that EVgo will post -0.45 EPS for the current year.

Institutional Trading of EVgo

A number of institutional investors and hedge funds have recently made changes to their positions in EVGO. Ethic Inc. acquired a new position in shares of EVgo during the 2nd quarter worth about $38,000. Banco BTG Pactual S.A. bought a new stake in shares of EVgo in the second quarter valued at approximately $41,000. Summit Securities Group LLC bought a new stake in shares of EVgo in the first quarter valued at approximately $30,000. Ballentine Partners LLC bought a new stake in shares of EVgo in the first quarter valued at approximately $32,000. Finally, Ameritas Investment Partners Inc. boosted its position in shares of EVgo by 27.8% in the second quarter. Ameritas Investment Partners Inc. now owns 13,089 shares of the company's stock valued at $48,000 after acquiring an additional 2,847 shares during the period. Institutional investors and hedge funds 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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