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

EVgo (NYSE:EVGO)‘s stock had its “overweight” rating reissued by analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They currently have a $4.00 price objective on the stock. Cantor Fitzgerald’s price objective would suggest a potential downside of 2.20% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. Evercore ISI dropped their price target on shares of EVgo from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Monday, May 13th. Citigroup dropped their target price on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. Royal Bank of Canada reissued an “outperform” rating and set a $4.00 target price on shares of EVgo in a research report on Friday, April 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Wednesday, May 8th. Finally, Benchmark increased their target price on shares of EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.33.

EVgo Stock Up 2.0 %

Shares of EVGO stock opened at $4.09 on Monday. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -10.76 and a beta of 2.58. EVgo has a 12-month low of $1.65 and a 12-month high of $5.95. The firm has a fifty day moving average of $2.35 and a 200-day moving average of $2.39.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.02. The company had revenue of $55.16 million during the quarter, compared to the consensus estimate of $52.41 million. During the same quarter in the previous year, the business earned ($0.09) EPS. EVgo’s revenue was up 118.0% on a year-over-year basis. Research analysts expect that EVgo will post -0.38 earnings per share for the current year.

Insider Transactions at EVgo

In other news, CEO Badar Khan purchased 125,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were acquired at an average price of $2.01 per share, with a total value of $251,250.00. Following the acquisition, the chief executive officer now directly owns 143,874 shares in the company, valued at $289,186.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP grew its position in EVgo by 323.5% during the third quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company’s stock valued at $9,207,000 after buying an additional 2,080,839 shares during the period. Vanguard Group Inc. grew its holdings in shares of EVgo by 4.6% in the third quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock worth $32,114,000 after purchasing an additional 421,704 shares during the last quarter. KBC Group NV grew its holdings in shares of EVgo by 88.7% in the fourth quarter. KBC Group NV now owns 227,367 shares of the company’s stock worth $814,000 after purchasing an additional 106,869 shares during the last quarter. Tidal Investments LLC grew its holdings in EVgo by 32.2% during the 1st quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock worth $798,000 after acquiring an additional 77,354 shares in the last quarter. Finally, Bayesian Capital Management LP lifted its position in shares of EVgo by 183.0% during the first quarter. Bayesian Capital Management LP now owns 63,400 shares of the company’s stock valued at $159,000 after buying an additional 41,001 shares during the last quarter. 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.