EVgo (NYSE:EVGO) Reaches New 12-Month High After Analyst Upgrade

by · The Markets Daily

EVgo, Inc. (NYSE:EVGO – Get Free Report) hit a new 52-week high on Thursday after UBS Group upgraded the stock from a neutral rating to a buy rating. UBS Group now has a $8.50 price target on the stock, up from their previous price target of $4.00. EVgo traded as high as $7.94 and last traded at $7.52, with a volume of 6617740 shares changing hands. The stock had previously closed at $7.06.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. upgraded EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price objective for the company in a research note on Thursday, October 3rd. Stifel Nicolaus lowered their price objective on EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Benchmark increased their price target on EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Capital One Financial raised EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price target on shares of EVgo in a research note on Monday, September 30th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.17.

Read Our Latest Stock Report on EVGO

Insider Activity

In other news, insider Francine Sullivan sold 12,584 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the sale, the insider now owns 117,327 shares in the company, valued at $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the sale, the president now directly owns 47,614 shares of the company’s stock, valued at $171,410.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Francine Sullivan sold 12,584 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the sale, the insider now directly owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Hedge funds have recently modified their holdings of the stock. Legacy Capital Wealth Partners LLC acquired a new position in EVgo during the second quarter valued at $27,000. Voisard Asset Management Group Inc. acquired a new position in EVgo in the 4th quarter worth about $29,000. Bleakley Financial Group LLC acquired a new position in EVgo in the 1st quarter worth about $36,000. SG Americas Securities LLC acquired a new position in EVgo in the 1st quarter worth about $41,000. Finally, Point72 DIFC Ltd acquired a new position in EVgo in the 2nd quarter worth about $45,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Trading Up 8.1 %

The firm has a 50-day simple moving average of $4.45 and a two-hundred day simple moving average of $3.13. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -19.03 and a beta of 2.58.

EVgo (NYSE:EVGO – Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $66.62 million for the quarter, compared to analyst estimates of $59.40 million. The business’s revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.08) EPS. On average, sell-side analysts forecast that EVgo, Inc. will post -0.4 earnings per share for the current year.

About EVgo

(Get Free Report)

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.

Featured Articles