EVgo (NYSE:EVGO) Stock Rating Upgraded by Marathon Capitl

EVgo (NYSE:EVGO) was upgraded by investment analysts at Marathon Capitl from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks.com reports.

Other research analysts have also issued research reports about the stock. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Thursday, August 29th. Royal Bank of Canada boosted their target price on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of EVgo in a report on Monday, September 30th. Benchmark boosted their price objective on EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, UBS Group raised EVgo from a “neutral” rating to a “buy” rating and raised their target price for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $6.17.

EVgo Stock Up 2.1 %

Shares of EVGO stock opened at $8.26 on Tuesday. EVgo has a twelve month low of $1.65 and a twelve month high of $8.80. The stock’s fifty day simple moving average is $4.98 and its 200 day simple moving average is $3.38. The firm has a market capitalization of $2.49 billion, a P/E ratio of -21.74 and a beta of 2.58.

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

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 16,414 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total transaction of $59,090.40. Following the completion of the sale, the president now directly owns 47,614 shares of the company’s stock, valued at $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other EVgo news, President Dennis G. Kish sold 16,414 shares of the business’s stock in a transaction on Monday, August 12th. The stock was 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 approximately $171,410.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $45,302.40. Following the sale, the insider now owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. The trade was a 0.00 % decrease in their position. 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 hedge funds have recently bought and sold shares of EVGO. Wellington Management Group LLP boosted 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 acquiring an additional 951,272 shares during the period. Point72 Asset Management L.P. purchased a new stake in EVgo during the 2nd quarter worth about $1,749,000. Marshall Wace LLP boosted its stake in EVgo by 66.4% in the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after purchasing an additional 651,475 shares during the period. SIR Capital Management L.P. grew its holdings in 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 buying an additional 416,800 shares in the last quarter. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of EVgo during the second quarter valued at about $495,000. 17.44% of the stock is currently 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.