Needham & Company LLC Reiterates Hold Rating for EVgo (NASDAQ:EVGO)

EVgo (NASDAQ:EVGO)‘s stock had its “hold” rating reiterated by equities researchers at Needham & Company LLC in a report issued on Wednesday,Benzinga reports.

A number of other research firms have also weighed in on EVGO. JPMorgan Chase & Co. lowered their target price on EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, February 19th. UBS Group dropped their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Two investment 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, the stock currently has a consensus rating of “Buy” and a consensus target price of $6.11.

EVgo Trading Up 1.6 %

Shares of EVGO stock opened at $2.48 on Wednesday. The stock has a market capitalization of $751.82 million, a price-to-earnings ratio of -5.90 and a beta of 2.32. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07. The stock has a fifty day simple moving average of $3.43 and a two-hundred day simple moving average of $4.92.

EVgo (NASDAQ:EVGO) last posted its earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. Research analysts predict that EVgo will post -0.45 EPS for the current fiscal year.

Insider Activity

In related news, Director David Nanus sold 23,000,000 shares of the firm’s stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Dennis G. Kish sold 17,379 shares of the business’s stock in a transaction that occurred on 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. The trade was a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,061,563 shares of company stock valued at $115,225,745 in the last ninety days. Insiders own 66.96% of the company’s stock.

Institutional Investors Weigh In On EVgo

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mariner LLC acquired a new stake in shares of EVgo in the fourth quarter worth approximately $48,000. International Assets Investment Management LLC purchased a new stake in shares of EVgo in the 3rd quarter valued at approximately $51,000. Creative Planning lifted its holdings in 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 acquiring an additional 3,297 shares during the last quarter. FORA Capital LLC acquired a new stake in shares of EVgo during the 4th quarter worth about $56,000. Finally, Legacy Capital Wealth Partners LLC raised its holdings in EVgo by 31.8% in the 3rd 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 during the period. Hedge funds and other institutional investors 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.