EVgo (NYSE:EVGO) Price Target Cut to $7.00

EVgo (NYSE:EVGO – Get Rating) had its price objective reduced by equities researchers at Northland Securities from $9.00 to $7.00 in a report released on Wednesday, The Fly reports. Northland Securities’ target price suggests a potential upside of 81.35% from the stock’s current price.

EVGO has been the topic of a number of other reports. Bank of America cut their price objective on shares of EVgo from $7.00 to $1.00 in a report on Friday, May 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of EVgo in a report on Friday, March 31st. Stifel Nicolaus assumed coverage on shares of EVgo in a report on Tuesday, May 16th. They issued a “buy” rating and a $9.00 price target on the stock. Evercore ISI cut their price target on shares of EVgo from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Friday, March 31st. Finally, JPMorgan Chase & Co. downgraded shares of EVgo from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $10.00 to $6.00 in a report on Thursday, January 26th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, EVgo currently has a consensus rating of “Moderate Buy” and an average target price of $8.28.

EVgo Trading Down 0.5 %

Shares of EVGO stock opened at $3.86 on Wednesday. The firm has a market capitalization of $1.04 billion, a PE ratio of -10.43 and a beta of 2.00. The firm has a fifty day simple moving average of $5.81 and a two-hundred day simple moving average of $5.81. EVgo has a 12 month low of $3.64 and a 12 month high of $12.65.

EVgo (NYSE:EVGO – Get Rating) last announced its quarterly earnings results on Thursday, March 30th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $27.30 million for the quarter, compared to the consensus estimate of $20.16 million. The business’s revenue for the quarter was up 284.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.06 EPS. On average, equities analysts predict that EVgo will post -0.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EVgo

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of EVgo by 2.3% in the third quarter. Vanguard Group Inc. now owns 6,389,649 shares of the company’s stock worth $50,542,000 after purchasing an additional 142,227 shares during the last quarter. Allianz Asset Management GmbH bought a new position in shares of EVgo in the first quarter worth approximately $32,188,000. State Street Corp increased its position in shares of EVgo by 13.9% in the first quarter. State Street Corp now owns 2,770,437 shares of the company’s stock worth $21,582,000 after purchasing an additional 339,147 shares during the last quarter. Pictet Asset Management SA increased its position in shares of EVgo by 5.1% in the first quarter. Pictet Asset Management SA now owns 2,657,874 shares of the company’s stock worth $20,705,000 after purchasing an additional 128,210 shares during the last quarter. Finally, Banque Pictet & Cie SA increased its position in shares of EVgo by 29.7% in the fourth quarter. Banque Pictet & Cie SA now owns 2,372,600 shares of the company’s stock worth $10,606,000 after purchasing an additional 544,000 shares during the last quarter. 12.95% of the stock is currently owned by institutional investors.

EVgo Company Profile

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EVgo, Inc owns and operates a direct current fast charging network 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.