EVgo (NASDAQ:EVGO) Given “Hold” Rating at Needham & Company LLC

EVgo (NASDAQ:EVGO)‘s stock had its “hold” rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports.

Other equities analysts have also issued research reports about the company. UBS Group dropped their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, January 27th. JPMorgan Chase & Co. lowered their price target on EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a report 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $6.11.

EVgo Price Performance

Shares of NASDAQ:EVGO opened at $2.48 on Wednesday. The company has a market capitalization of $751.82 million, a P/E ratio of -5.90 and a beta of 2.32. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07. The firm’s 50 day simple moving average is $3.43 and its two-hundred day simple moving average is $4.92.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.04. On average, sell-side analysts anticipate that EVgo will post -0.45 earnings per share for the current fiscal year.

Insider Activity at EVgo

In other news, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following the transaction, the president now owns 95,986 shares of the company’s stock, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Nanus sold 23,000,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the sale, the director now owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,061,563 shares of company stock valued at $115,225,745. Insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Several hedge funds and other institutional investors have recently made changes to their positions in EVGO. Millennium Management LLC grew its holdings in EVgo by 394.4% during the 4th quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock valued at $18,727,000 after purchasing an additional 3,688,614 shares during the last quarter. D. E. Shaw & Co. Inc. grew its stake in shares of EVgo by 175.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock valued at $20,046,000 after buying an additional 3,153,073 shares during the last quarter. SIR Capital Management L.P. raised its holdings in shares of EVgo by 326.3% in the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock worth $14,311,000 after buying an additional 2,704,662 shares during the period. Two Sigma Advisers LP lifted its stake in shares of EVgo by 2,533.6% during the 4th quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock worth $10,101,000 after acquiring an additional 2,399,300 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in EVgo by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock valued at $49,414,000 after acquiring an additional 2,043,449 shares during the last quarter. Hedge funds and other institutional investors own 17.44% of the company’s stock.

EVgo Company Profile

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.