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

EVgo (NYSE:EVGO) had its target price dropped by equities research analysts at JPMorgan Chase & Co. from $8.00 to $7.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 60.92% from the stock’s current price.

EVGO has been the subject of several other reports. Stifel Nicolaus raised their price objective on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. TD Cowen raised EVgo from a “hold” rating to a “buy” rating and upped their target price for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of EVgo in a research note on Monday, September 30th. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and raised their target price for the company from $4.00 to $8.50 in a report on Thursday, October 10th. Finally, Royal Bank of Canada lifted their price objective on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $6.61.

EVgo Stock Performance

EVGO traded up $0.07 during trading on Friday, hitting $4.35. The stock had a trading volume of 2,373,128 shares, compared to its average volume of 4,865,046. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07. The firm has a market capitalization of $1.32 billion, a P/E ratio of -10.36 and a beta of 2.24. The company’s 50-day moving average price is $6.70 and its 200 day moving average price is $4.71.

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

Insider Buying and Selling

In other EVgo news, CEO Badar Khan sold 166,725 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the transaction, the chief executive officer now directly owns 348,761 shares of the company’s stock, valued at $1,792,631.54. This represents a 32.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 66.96% of the stock is currently owned by corporate insiders.

Institutional Trading of EVgo

A number of hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC grew its stake in EVgo by 47.0% in the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after purchasing an additional 7,687 shares in the last quarter. Atria Wealth Solutions Inc. grew its position in shares of EVgo by 2.8% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock worth $811,000 after acquiring an additional 8,940 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of EVgo by 12.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 408,687 shares of the company’s stock valued at $1,001,000 after acquiring an additional 46,157 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of EVgo by 42.6% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company’s stock valued at $1,251,000 after acquiring an additional 152,436 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC bought a new position in EVgo during the second quarter worth $27,000. Institutional investors and hedge funds 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.