EVgo (NASDAQ:EVGO) Cut to “Neutral” at Roth Capital

by · The Markets Daily

Roth Capital downgraded shares of EVgo (NASDAQ:EVGO – Free Report) from a buy rating to a neutral rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has $2.00 price objective on the stock.

A number of other analysts also recently weighed in on EVGO. UBS Group downgraded EVgo from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 3rd. Stifel Nicolaus reduced their price target on shares of EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 25th. Royal Bank Of Canada downgraded shares of EVgo from an “outperform” rating to a “sector perform” rating and lifted their price target for the stock from $1.75 to $2.00 in a research note on Tuesday. Cantor Fitzgerald downgraded shares of EVgo from an “overweight” rating to a “hold” rating and decreased their price target for the stock from $3.00 to $2.00 in a research note on Tuesday, November 3rd. Finally, Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.21.

Get Our Latest Report on EVGO

EVgo Trading Down 4.9%

NASDAQ EVGO opened at $1.75 on Tuesday. The stock’s 50-day simple moving average is $1.38 and its two-hundred day simple moving average is $1.88. EVgo has a twelve month low of $0.98 and a twelve month high of $3.54. The company has a quick ratio of 2.19, a current ratio of 1.87 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $550.41 million, a price-to-earnings ratio of -3.89 and a beta of 2.87.

EVgo (NASDAQ:EVGO – Get Free Report) last posted its quarterly earnings data on Friday, November 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.04. The firm had revenue of $91.42 million during the quarter. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.09) EPS. Research analysts forecast that EVgo will post -0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On EVgo

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kintra Wealth LLC purchased a new stake in EVgo during the 2nd quarter valued at about $25,000. Cetera Investment Advisers grew its position in EVgo by 46.3% during the 1st quarter. Cetera Investment Advisers now owns 42,683 shares of the company’s stock worth $73,000 after acquiring an additional 13,499 shares during the last quarter. J. Derek Lewis & Associates Inc. increased its stake in EVgo by 59.3% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 43,000 shares of the company’s stock worth $74,000 after purchasing an additional 16,000 shares during the period. Royal Bank of Canada increased its stake in EVgo by 94.4% in the 1st quarter. Royal Bank of Canada now owns 41,038 shares of the company’s stock worth $70,000 after purchasing an additional 19,929 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in EVgo by 43.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 89,348 shares of the company’s stock worth $113,000 after purchasing an additional 26,929 shares during the period. Institutional investors own 17.44% of the company’s stock.

About EVgo

(Get Free Report)

EVgo Inc. operates a public electric vehicle fast-charging network in the United States. Its stations primarily provide direct-current fast charging, allowing drivers to recharge compatible vehicles while traveling or during daily trips. Drivers can locate stations and manage charging sessions through EVgo’s mobile app and other vehicle and navigation platforms. The company also works with automakers, fleets, rideshare operators, utilities, and commercial property owners to develop and support charging infrastructure.

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