EVgo (NYSE:EVGO) Price Target Lowered to $6.00 at JPMorgan Chase & Co.

EVgo (NYSE:EVGO) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $7.00 to $6.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 89.57% from the stock’s previous close.

EVGO has been the topic of several other research reports. Stifel Nicolaus upped their price target on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Thursday, January 16th. UBS Group cut their price target on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Finally, Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $6.11.

EVgo Price Performance

EVgo stock traded up $0.15 during trading hours on Wednesday, hitting $3.17. The stock had a trading volume of 1,101,112 shares, compared to its average volume of 4,785,800. The stock has a market capitalization of $959.47 million, a price-to-earnings ratio of -7.50 and a beta of 2.32. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07. The stock’s fifty day moving average is $3.91 and its two-hundred day moving average is $4.98.

Insider Activity at EVgo

In other EVgo news, Director David Nanus sold 23,000,000 shares of the business’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 transaction, the director now owns 5,882,352 shares in the company, valued at $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Dennis G. Kish sold 44,184 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the sale, the president now owns 95,986 shares of the company’s stock, valued at approximately $327,312.26. This trade represents a 31.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 23,061,563 shares of company stock worth $115,225,745. 66.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On EVgo

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC raised its stake in shares of EVgo by 394.4% during the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock valued at $18,727,000 after purchasing an additional 3,688,614 shares during the period. D. E. Shaw & Co. Inc. lifted its holdings in EVgo by 175.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock worth $20,046,000 after buying an additional 3,153,073 shares in the last quarter. SIR Capital Management L.P. boosted its position in EVgo by 326.3% in the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock valued at $14,311,000 after buying an additional 2,704,662 shares during the last quarter. Two Sigma Advisers LP boosted its position in EVgo by 2,533.6% in the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock valued at $10,101,000 after buying an additional 2,399,300 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of EVgo by 20.1% during the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock valued at $49,414,000 after acquiring an additional 2,043,449 shares in the last quarter. Hedge funds and other institutional investors own 17.44% of the company’s stock.

About EVgo

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.