EVgo (NYSE:EVGO) Upgraded to Buy at TD Cowen

by · The Markets Daily

TD Cowen upgraded shares of EVgo (NYSE:EVGO – Free Report) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, MarketBeat.com reports. They currently have $7.00 target price on the stock, up from their prior target price of $5.00.

A number of other equities research analysts have also recently issued reports on the stock. Stifel Nicolaus dropped their price target on shares of EVgo from $7.00 to $6.00 and set a buy rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reissued a hold rating on shares of EVgo in a research note on Thursday, August 29th. UBS Group assumed coverage on shares of EVgo in a research note on Monday, July 22nd. They issued a neutral rating and a $4.00 price target on the stock. JPMorgan Chase & Co. upgraded EVgo from a neutral rating to an overweight rating and set a $7.00 price objective on the stock in a report on Thursday. Finally, Capital One Financial raised EVgo to a strong-buy rating in a report on Monday, September 16th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, EVgo has a consensus rating of Moderate Buy and an average price target of $5.22.

View Our Latest Analysis on EVGO

EVgo Stock Performance

EVGO stock opened at $7.20 on Thursday. The firm’s fifty day moving average is $4.13 and its 200 day moving average is $2.98. The firm has a market cap of $2.17 billion, a PE ratio of -18.95 and a beta of 2.58. EVgo has a one year low of $1.65 and a one year high of $7.69.

EVgo (NYSE:EVGO – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million during the quarter, compared to analyst estimates of $59.40 million. During the same period in the previous year, the company posted ($0.08) EPS. The business’s revenue for the quarter was up 31.8% compared to the same quarter last year. Research analysts predict that EVgo will post -0.4 earnings per share for the current fiscal year.

Insider Activity at EVgo

In other news, insider Francine Sullivan sold 12,584 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $45,302.40. Following the transaction, the insider now owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 value of $59,090.40. Following the transaction, the president now owns 47,614 shares of the company’s stock, valued at $171,410.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Francine Sullivan sold 12,584 shares of the 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 transaction, the insider now 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 Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Point72 DIFC Ltd acquired a new stake in shares of EVgo during the second quarter valued at about $45,000. Point72 Asset Management L.P. acquired a new stake in EVgo in the 2nd quarter valued at approximately $1,749,000. Squarepoint Ops LLC purchased a new stake in EVgo in the second quarter valued at approximately $495,000. HITE Hedge Asset Management LLC acquired a new position in EVgo during the second quarter worth $495,000. Finally, Marshall Wace LLP boosted its position in shares of EVgo by 66.4% during the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after buying an additional 651,475 shares during the period. Institutional investors and hedge funds own 17.44% of the company’s stock.

EVgo Company Profile

(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.

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