EVgo (NYSE:EVGO) Stock Rating Reaffirmed by Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of EVgo (NYSE:EVGO) in a research note published on Monday morning, Benzinga reports. The firm currently has a $5.00 price target on the stock.

Several other brokerages also recently issued reports on EVGO. Evercore ISI cut their target price on shares of EVgo from $8.00 to $7.00 and set an outperform rating on the stock in a research note on Monday, May 13th. Needham & Company LLC reiterated a hold rating on shares of EVgo in a report on Thursday, August 29th. Stifel Nicolaus cut their price objective on EVgo from $7.00 to $6.00 and set a buy rating for the company in a report on Tuesday, August 6th. Benchmark increased their price objective on EVgo from $3.00 to $5.00 and gave the stock a buy rating in a report on Friday, July 12th. Finally, UBS Group began coverage on EVgo in a report on Monday, July 22nd. They set a neutral rating and a $4.00 price objective for the company. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $4.63.

EVgo Stock Performance

Shares of NYSE:EVGO opened at $4.42 on Monday. EVgo has a one year low of $1.65 and a one year high of $4.70. The stock has a fifty day moving average of $3.81 and a 200-day moving average of $2.77. The company has a market capitalization of $1.33 billion, a PE ratio of -11.63 and a beta of 2.59.

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

Insider Buying and Selling at EVgo

In other EVgo news, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the transaction, the president now directly owns 47,614 shares in the company, valued at $171,410.40. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following 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 document filed with the SEC, which is available at the SEC website. Also, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the sale, the president now directly owns 47,614 shares in the company, valued at $171,410.40. The disclosure for this sale can be found here. Insiders have sold a total of 31,475 shares of company stock worth $110,189 over the last three months. Corporate 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 the business. Vanguard Group Inc. grew its position in shares of EVgo by 0.4% in the first quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock valued at $24,344,000 after purchasing an additional 37,168 shares during the last quarter. Wellington Management Group LLP grew its position 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 valued at $13,158,000 after purchasing an additional 951,272 shares during the last quarter. Marshall Wace LLP grew its position in shares of EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares during the last quarter. SIR Capital Management L.P. grew its position in shares of EVgo by 76.9% in the second quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after purchasing an additional 416,800 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of EVgo in the second quarter valued at about $1,749,000. 17.44% of the stock is owned by institutional investors and hedge funds.

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.