EVgo (NYSE:EVGO) Given New $7.00 Price Target at JPMorgan Chase & Co.

EVgo (NYSE:EVGO) had its price objective trimmed by JPMorgan Chase & Co. from $8.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts have also recently commented on EVGO. TD Cowen raised EVgo from a “hold” rating to a “buy” rating and lifted their price target for the stock from $5.00 to $7.00 in a research note on Thursday, October 3rd. UBS Group raised shares of EVgo from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Capital One Financial raised shares of EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of EVgo in a research report on Monday, September 30th. Finally, Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, EVgo currently has an average rating of “Buy” and an average target price of $6.61.

EVgo Stock Performance

Shares of EVGO opened at $4.36 on Friday. EVgo has a fifty-two week low of $1.65 and a fifty-two week high of $9.07. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -10.38 and a beta of 2.24. The firm has a 50 day moving average price of $6.65 and a 200-day moving average price of $4.73.

EVgo (NYSE:EVGO) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. During the same period in the previous year, the company earned ($0.09) earnings per share. The firm’s revenue was up 92.3% compared to the same quarter last year. As a group, equities research analysts predict that EVgo will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total transaction of $856,966.50. Following the sale, the chief executive officer now owns 348,761 shares in the company, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David Nanus sold 23,000,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the sale, the director now directly owns 5,882,352 shares in the company, valued at $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EVgo

A number of institutional investors have recently modified their holdings of EVGO. Tidal Investments LLC lifted its stake in shares of EVgo by 714.2% in the third quarter. Tidal Investments LLC now owns 94,541 shares of the company’s stock worth $391,000 after buying an additional 82,929 shares in the last quarter. Barclays PLC lifted its position in EVgo by 280.6% in the 3rd quarter. Barclays PLC now owns 132,981 shares of the company’s stock valued at $551,000 after acquiring an additional 98,041 shares in the last quarter. Geode Capital Management LLC lifted its position in EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after acquiring an additional 90,887 shares in the last quarter. State Street Corp boosted its stake in EVgo by 25.3% during the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after purchasing an additional 847,777 shares during the last quarter. Finally, Point72 DIFC Ltd increased its holdings in shares of EVgo by 188.2% in the 3rd quarter. Point72 DIFC Ltd now owns 52,965 shares of the company’s stock worth $219,000 after purchasing an additional 34,584 shares in the last quarter. 17.44% of the stock is owned by hedge funds and other institutional investors.

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.