EVgo (NYSE:EVGO) Lifted to “Strong-Buy” at Marathon Capitl

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

Several other analysts have also recently weighed in on EVGO. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Thursday, August 29th. UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. Benchmark raised their price objective on EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Stifel Nicolaus cut their target price on EVgo from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $6.17.

EVgo Stock Performance

NYSE:EVGO opened at $8.26 on Tuesday. EVgo has a 52-week low of $1.65 and a 52-week high of $8.80. The stock has a fifty day moving average of $4.98 and a 200 day moving average of $3.38. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of -21.74 and a beta of 2.58.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.01. The business had revenue of $66.62 million during the quarter, compared to analysts’ expectations of $59.40 million. During the same period in the previous year, the business earned ($0.08) EPS. The business’s revenue was up 31.8% on a year-over-year basis. Equities analysts forecast that EVgo will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In related news, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction on 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 in the company, valued at $171,410.40. This represents a 0.00 % decrease in their position. 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 business’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 transaction, the insider now directly owns 117,327 shares of the company’s stock, valued at approximately $422,377.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Dennis G. Kish sold 16,414 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in shares of EVgo by 34.9% during the 4th 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of EVgo during the 1st quarter worth approximately $71,000. SG Americas Securities LLC bought a new position in shares of EVgo in the 1st quarter worth approximately $41,000. Bleakley Financial Group LLC purchased a new position in shares of EVgo in the 1st quarter valued at approximately $36,000. Finally, Vanguard Group Inc. lifted its stake in shares of EVgo by 0.4% in the 1st 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 period. 17.44% of the stock is 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.