Cantor Fitzgerald Reiterates Overweight Rating for EVgo (NYSE:EVGO)

EVgo (NYSE:EVGO)‘s stock had its “overweight” rating restated by stock analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They currently have a $5.00 target price on the stock. Cantor Fitzgerald’s price target points to a potential upside of 30.21% from the company’s previous close.

A number of other brokerages have also weighed in on EVGO. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Thursday, August 29th. Capital One Financial raised EVgo to a “strong-buy” rating in a research report on Monday, September 16th. UBS Group started coverage on EVgo in a research report on Monday, July 22nd. They issued a “neutral” rating and a $4.00 target price for the company. Stifel Nicolaus dropped their price target on EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, Benchmark upped 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. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, EVgo currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.63.

EVgo Price Performance

EVGO opened at $3.84 on Monday. EVgo has a 1 year low of $1.65 and a 1 year high of $4.80. The stock’s 50 day simple moving average is $4.01 and its 200 day simple moving average is $2.91. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -10.11 and a beta of 2.59.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The firm had revenue of $66.62 million during the quarter, compared to the consensus estimate of $59.40 million. EVgo’s revenue was up 31.8% on a year-over-year basis. During the same period last year, the business earned ($0.08) EPS. As a group, sell-side analysts anticipate that EVgo will post -0.4 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its holdings in shares of EVgo by 34.9% in the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after purchasing an additional 951,272 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in EVgo in the 2nd quarter worth approximately $1,749,000. Marshall Wace LLP raised its holdings in shares of EVgo by 66.4% during the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after acquiring an additional 651,475 shares in the last quarter. SIR Capital Management L.P. boosted its position in shares of EVgo by 76.9% during the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after acquiring an additional 416,800 shares during the last quarter. Finally, HITE Hedge Asset Management LLC purchased a new position in shares of EVgo in the second quarter valued at $495,000. 17.44% of the stock is owned by hedge funds and other 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.