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

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

EVGO has been the topic of several other research reports. JPMorgan Chase & Co. dropped their price objective on EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Friday, December 20th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and boosted their price objective for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. UBS Group raised EVgo from a “neutral” rating to a “buy” rating and increased their price objective for the company from $4.00 to $8.50 in a report on Thursday, October 10th. Royal Bank of Canada lifted 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. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of EVgo in a research note on Monday, September 30th. 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $6.61.

EVgo Price Performance

EVgo stock opened at $3.41 on Thursday. The stock’s fifty day moving average is $5.15 and its two-hundred day moving average is $4.99. The stock has a market cap of $1.03 billion, a PE ratio of -8.12 and a beta of 2.35. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07.

EVgo (NYSE:EVGO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. The business’s quarterly revenue was up 92.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) earnings per share. On average, research analysts expect that EVgo will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the sale, the chief executive officer now owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Dennis G. Kish sold 17,379 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $4.32, for a total transaction of $75,077.28. Following the sale, the president now owns 13,655 shares in the company, 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 a total of 23,184,104 shares of company stock worth $115,932,044 over the last ninety days. 66.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after purchasing an additional 847,777 shares during the last quarter. Marshall Wace LLP grew 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 valued at $4,002,000 after acquiring an additional 651,475 shares during the last quarter. Geode Capital Management LLC increased its holdings in EVgo by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after acquiring an additional 90,887 shares in the last quarter. International Assets Investment Management LLC acquired a new position in EVgo during the third quarter worth about $51,000. Finally, Verition Fund Management LLC purchased a new stake in shares of EVgo in the third quarter valued at about $653,000. 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.