EVgo (NYSE:EVGO) Receives “Hold” Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of EVgo (NYSE:EVGO) in a report published on Friday, Benzinga reports.

A number of other research firms also recently weighed in on EVGO. Royal Bank of Canada reiterated an outperform rating and set a $4.00 target price on shares of EVgo in a report on Friday, April 5th. Benchmark upped their target price on EVgo from $3.00 to $5.00 and gave the stock a buy rating in a report on Friday, July 12th. Citigroup reduced their target price on EVgo from $3.00 to $2.00 and set a neutral rating on the stock in a report on Thursday, May 9th. UBS Group began coverage on EVgo in a report on Monday, July 22nd. They set a neutral rating and a $4.00 target price on the stock. Finally, Evercore ISI cut their price target on EVgo from $8.00 to $7.00 and set an outperform rating on the stock in a research note on Monday, May 13th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $4.63.

EVgo Price Performance

EVGO traded down $0.04 during midday trading on Friday, reaching $3.70. 2,178,810 shares of the company’s stock traded hands, compared to its average volume of 3,220,074. The firm has a fifty day moving average of $2.80 and a two-hundred day moving average of $2.47. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -9.84 and a beta of 2.58. EVgo has a 52 week low of $1.65 and a 52 week high of $5.43.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million for the quarter, compared to the consensus estimate of $59.40 million. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.08) EPS. Sell-side analysts forecast that EVgo will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, CEO Badar Khan bought 125,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average cost of $2.01 per share, with a total value of $251,250.00. Following the acquisition, the chief executive officer now owns 143,874 shares in the company, valued at $289,186.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 66.96% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. Wellington Management Group LLP raised its stake in shares of EVgo by 34.9% during the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock valued at $13,158,000 after acquiring an additional 951,272 shares in the last quarter. Vanguard Group Inc. raised its stake in 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 in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in EVgo by 42.6% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company’s stock worth $1,251,000 after buying an additional 152,436 shares in the last quarter. KBC Group NV raised its stake in EVgo by 88.7% in the fourth quarter. KBC Group NV now owns 227,367 shares of the company’s stock worth $814,000 after buying an additional 106,869 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in EVgo by 32.2% in the first quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock worth $798,000 after buying an additional 77,354 shares in the last quarter. Hedge funds and other institutional investors 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.