Needham & Company LLC Reaffirms Hold Rating for EVgo (NYSE:EVGO)

EVgo (NYSE:EVGO)‘s stock had its “hold” rating reissued by equities research analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports.

Several other research firms have also recently issued reports on EVGO. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of EVgo in a research report on Monday, September 30th. Royal Bank of Canada lifted their price target on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Stifel Nicolaus upped their price objective on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their target price on EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Friday, December 20th. Finally, TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and upped their price target for the stock from $5.00 to $7.00 in a research note on Thursday, October 3rd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $6.61.

EVgo Price Performance

EVgo stock opened at $3.41 on Thursday. The stock has a market capitalization of $1.03 billion, a P/E ratio of -8.12 and a beta of 2.35. EVgo has a 12-month low of $1.65 and a 12-month high of $9.07. The firm’s 50-day moving average is $5.15 and its two-hundred day moving average is $4.99.

EVgo (NYSE:EVGO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The company had revenue of $67.50 million for the quarter, compared to analysts’ expectations of $66.52 million. During the same quarter in the prior year, the business posted ($0.09) EPS. The business’s revenue was up 92.3% compared to the same quarter last year. As a group, analysts forecast that EVgo will post -0.45 EPS for the current year.

Insider Buying and Selling at EVgo

In related news, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $5.14, for a total value of $856,966.50. Following the transaction, the chief executive officer now owns 348,761 shares in the company, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Dennis G. Kish sold 17,379 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $4.32, for a total value of $75,077.28. Following the completion of the transaction, the president now directly owns 13,655 shares of the company’s stock, valued at $58,989.60. This represents a 56.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,184,104 shares of company stock valued at $115,932,044 over the last 90 days. 66.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EVgo

A number of institutional investors have recently made changes to their positions in EVGO. International Assets Investment Management LLC acquired a new stake in shares of EVgo during the third quarter worth approximately $51,000. Creative Planning grew its holdings in EVgo by 32.7% during the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after acquiring an additional 3,297 shares in the last quarter. Legacy Capital Wealth Partners LLC increased its position in shares of EVgo by 31.8% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after purchasing an additional 3,500 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new stake in shares of EVgo in the 4th quarter valued at about $72,000. Finally, Point72 DIFC Ltd bought a new position in shares of EVgo during the second quarter worth about $45,000. 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.