EVgo (NYSE:EVGO) Price Target Lowered to $7.00 at Evercore ISI

EVgo (NYSE:EVGO - Get Free Report) had its price objective decreased by analysts at Evercore ISI from $8.00 to $7.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Evercore ISI's price objective indicates a potential upside of 258.97% from the company's previous close.

Several other brokerages have also recently issued reports on EVGO. Cantor Fitzgerald raised shares of EVgo from a "neutral" rating to an "overweight" rating and lowered their price objective for the stock from $5.00 to $4.00 in a research note on Thursday. Needham & Company LLC restated a "hold" rating on shares of EVgo in a report on Wednesday, May 8th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $4.00 price objective on shares of EVgo in a research note on Friday, April 5th. Finally, Citigroup dropped their target price on shares of EVgo from $3.00 to $2.00 and set a "neutral" rating on the stock in a research report on Thursday. Three equities 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 company has a consensus rating of "Moderate Buy" and an average target price of $4.75.

EVgo Price Performance

Shares of EVgo stock traded up $0.09 on Monday, hitting $1.95. The company had a trading volume of 3,563,135 shares, compared to its average volume of 2,931,177. EVgo has a 52 week low of $1.65 and a 52 week high of $5.95. The company has a market cap of $587.96 million, a PE ratio of -5.16 and a beta of 2.53. The business has a 50-day simple moving average of $2.19 and a 200-day simple moving average of $2.60.

EVgo (NYSE:EVGO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.02. The firm had revenue of $55.16 million for the quarter, compared to analyst estimates of $52.41 million. The firm's revenue for the quarter was up 118.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.09) earnings per share. On average, equities research analysts predict that EVgo will post -0.38 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Trading of EVgo

Large investors have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in EVgo by 323.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company's stock worth $9,207,000 after purchasing an additional 2,080,839 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of EVgo by 4.6% in the third quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company's stock worth $32,114,000 after buying an additional 421,704 shares during the last quarter. Capula Management Ltd bought a new stake in shares of EVgo during the 3rd quarter worth $797,000. Dark Forest Capital Management LP raised its holdings in EVgo by 1,862.2% in the 3rd quarter. Dark Forest Capital Management LP now owns 244,722 shares of the company's stock worth $827,000 after acquiring an additional 232,250 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in EVgo during the 3rd quarter worth $774,000. Institutional investors own 17.44% of the company's stock.

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.