EVgo (NASDAQ:EVGO) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of EVgo (NASDAQ:EVGO) in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a $8.00 target price on the stock.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 19th. UBS Group dropped their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research note on Wednesday. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $6.44.

EVgo Stock Performance

EVGO stock opened at $2.56 on Wednesday. The company’s 50 day moving average price is $3.40 and its 200 day moving average price is $4.90. EVgo has a fifty-two week low of $1.65 and a fifty-two week high of $9.07. The firm has a market capitalization of $776.07 million, a price-to-earnings ratio of -6.10 and a beta of 2.32.

EVgo (NASDAQ:EVGO) last released its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The firm had revenue of $67.51 million for the quarter, compared to analysts’ expectations of $69.49 million. Equities analysts forecast that EVgo will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David Nanus sold 23,000,000 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the sale, the director now directly owns 5,882,352 shares of the company’s stock, valued at $29,411,760. This trade represents a 79.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Dennis G. Kish sold 17,379 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $4.32, for a total value of $75,077.28. Following the sale, the president now directly owns 13,655 shares of the company’s stock, valued at approximately $58,989.60. This represents a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,061,563 shares of company stock valued at $115,225,745 over the last three months. 66.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EVgo

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mariner LLC purchased a new position in shares of EVgo in the fourth quarter valued at $48,000. International Assets Investment Management LLC purchased a new position in shares of EVgo in the third quarter valued at $51,000. Creative Planning increased its position in shares of EVgo by 32.7% in the third quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after buying an additional 3,297 shares in the last quarter. FORA Capital LLC purchased a new position in shares of EVgo in the fourth quarter valued at $56,000. Finally, Legacy Capital Wealth Partners LLC increased its position in shares of EVgo by 31.8% in the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after buying an additional 3,500 shares in the last quarter. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.