EVgo’s (EVGO) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

EVgo (NASDAQ:EVGO)‘s stock had its “overweight” rating reissued by stock analysts at Cantor Fitzgerald in a report released on Wednesday,Benzinga reports. They presently have a $8.00 price target on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 221.29% from the stock’s current price.

Other analysts also recently issued research reports about the stock. UBS Group dropped their target price on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, January 27th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Wednesday. Finally, JPMorgan Chase & Co. reduced their target price on EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 19th. Two 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 MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.44.

EVgo Stock Up 0.4 %

NASDAQ:EVGO traded up $0.01 during midday trading on Wednesday, reaching $2.49. The stock had a trading volume of 1,049,821 shares, compared to its average volume of 4,581,117. EVgo has a 12-month low of $1.65 and a 12-month high of $9.07. The stock has a market cap of $754.85 million, a P/E ratio of -5.93 and a beta of 2.32. The firm has a fifty day simple moving average of $3.43 and a two-hundred day simple moving average of $4.92.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The firm had revenue of $67.51 million during the quarter, compared to analysts’ expectations of $69.49 million. On average, sell-side analysts anticipate that EVgo will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at EVgo

In related news, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the transaction, the president now directly owns 95,986 shares of the company’s stock, valued at $327,312.26. The trade was a 31.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David Nanus sold 23,000,000 shares of the company’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders sold a total of 23,061,563 shares of company stock valued at $115,225,745 in the last ninety days. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EVGO. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of EVgo during the fourth quarter valued at $1,001,000. Voloridge Investment Management LLC bought a new position in shares of EVgo in the 4th quarter valued at about $5,682,000. Two Sigma Advisers LP raised its stake in shares of EVgo by 2,533.6% during the fourth quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock worth $10,101,000 after buying an additional 2,399,300 shares during the last quarter. Two Sigma Investments LP lifted its holdings in EVgo by 296.4% in the fourth quarter. Two Sigma Investments LP now owns 2,720,342 shares of the company’s stock valued at $11,017,000 after buying an additional 2,034,045 shares during the period. Finally, Teza Capital Management LLC bought a new position in EVgo in the fourth quarter valued at approximately $144,000. 17.44% of the stock is currently owned by institutional investors.

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.