EVgo (NYSE:EVGO) Upgraded by Cantor Fitzgerald to Overweight

Cantor Fitzgerald upgraded shares of EVgo (NYSE:EVGO - Free Report) from a neutral rating to an overweight rating in a research report released on Thursday morning, MarketBeat Ratings reports. Cantor Fitzgerald currently has $4.00 price target on the stock, down from their previous price target of $5.00.

A number of other analysts have also issued reports on EVGO. Evercore ISI cut their price target on shares of EVgo from $9.00 to $8.00 and set an outperform rating on the stock in a report on Thursday, March 7th. Royal Bank of Canada reiterated an outperform rating and issued a $4.00 price target on shares of EVgo in a research note on Friday, April 5th. Finally, Needham & Company LLC restated a hold rating on shares of EVgo in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $4.88.

EVgo Price Performance

EVgo stock traded up $0.24 during midday trading on Thursday, hitting $1.99. 5,459,298 shares of the stock were exchanged, compared to its average volume of 2,911,261. EVgo has a 1 year low of $1.65 and a 1 year high of $6.18. The firm has a market cap of $600.02 million, a P/E ratio of -4.13 and a beta of 2.53. The company has a 50 day moving average price of $2.23 and a two-hundred day moving average price of $2.60.

EVgo (NYSE:EVGO - Get Free Report) last announced its earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.11) by $0.02. The business had revenue of $55.16 million for the quarter, compared to analysts' expectations of $52.41 million. During the same period in the previous year, the firm posted ($0.09) earnings per share. The firm's revenue was up 118.0% compared to the same quarter last year. As a group, analysts predict that EVgo will post -0.37 EPS for the current year.

Insider Transactions at EVgo

In other EVgo news, President Dennis G. Kish sold 34,717 shares of the business's stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total transaction of $104,151.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Olga Shevorenkova sold 19,363 shares of the firm's stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total transaction of $58,089.00. Following the transaction, 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 through this hyperlink. Also, President Dennis G. Kish sold 34,717 shares of the company's 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 $104,151.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,230 shares of company stock worth $167,409. Insiders own 66.96% of the company's stock.

Hedge Funds Weigh In On EVgo

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in EVgo by 4.6% during the third quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company's stock valued at $32,114,000 after purchasing an additional 421,704 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of EVgo by 34.9% in the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company's stock worth $13,158,000 after buying an additional 951,272 shares during the period. Bank of New York Mellon Corp boosted its stake in EVgo by 47.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 330,856 shares of the company's stock worth $1,118,000 after purchasing an additional 107,029 shares during the period. Atria Wealth Solutions Inc. grew its position in EVgo by 3.2% during the 4th quarter. Atria Wealth Solutions Inc. now owns 288,368 shares of the company's stock worth $1,032,000 after purchasing an additional 8,879 shares in the last quarter. Finally, Dark Forest Capital Management LP raised its stake in EVgo by 1,862.2% during the 3rd quarter. Dark Forest Capital Management LP now owns 244,722 shares of the company's stock valued at $827,000 after purchasing an additional 232,250 shares during the period. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.