EVgo (NYSE:EVGO) Price Target Cut to $2.00 by Analysts at Citigroup

EVgo (NYSE:EVGO - Free Report) had its price objective decreased by Citigroup from $3.00 to $2.00 in a research note issued to investors on Thursday morning, Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other research firms have also commented on EVGO. Needham & Company LLC reaffirmed a hold rating on shares of EVgo in a report on Wednesday. Evercore ISI dropped their price objective on EVgo from $9.00 to $8.00 and set an outperform rating for the company in a research note on Thursday, March 7th. Royal Bank of Canada reissued an outperform rating and set a $4.00 price objective on shares of EVgo in a research note on Friday, April 5th. Finally, Cantor Fitzgerald raised EVgo from a neutral rating to an overweight rating and dropped their price objective for the company from $5.00 to $4.00 in a research note on Thursday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $4.88.

EVgo Stock Performance

NYSE:EVGO traded up $0.24 during trading hours on Thursday, reaching $1.99. The stock had a trading volume of 5,459,298 shares, compared to its average volume of 2,911,261. The stock has a 50 day simple moving average of $2.21 and a 200 day simple moving average of $2.60. EVgo has a 12-month low of $1.65 and a 12-month high of $6.18. The stock has a market cap of $600.02 million, a P/E ratio of -4.23 and a beta of 2.53.

EVgo (NYSE:EVGO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.02. The company had revenue of $55.16 million during the quarter, compared to the consensus estimate of $52.41 million. During the same period in the previous year, the business earned ($0.09) earnings per share. EVgo's revenue was up 118.0% on a year-over-year basis. On average, equities analysts expect that EVgo will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at EVgo

In other EVgo news, CFO Olga Shevorenkova sold 19,363 shares of the firm's stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total transaction of $58,089.00. Following the sale, the chief financial officer now owns 81,991 shares in the company, valued at $245,973. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Dennis G. Kish sold 34,717 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total transaction of $104,151.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Olga Shevorenkova sold 19,363 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total value of $58,089.00. Following the sale, the chief financial officer now owns 81,991 shares of the company's stock, valued at $245,973. The disclosure for this sale can be found here. Insiders have sold 56,230 shares of company stock worth $167,409 over the last 90 days. Corporate insiders own 66.96% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Voisard Asset Management Group Inc. purchased a new stake in EVgo during the 4th quarter valued at $29,000. Headlands Technologies LLC purchased a new stake in EVgo during the 3rd quarter valued at $32,000. Verdence Capital Advisors LLC purchased a new stake in EVgo during the 3rd quarter valued at $34,000. Sigma Planning Corp purchased a new stake in EVgo during the 3rd quarter valued at $36,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of EVgo in the 1st quarter worth about $36,000. 17.44% of the stock is owned by hedge funds and other 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.