JPMorgan Chase & Co. Lowers EVgo (NYSE:EVGO) Price Target to $6.00

EVgo (NYSE:EVGO) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $7.00 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 89.57% from the stock’s current price.

A number of other brokerages have also recently commented on EVGO. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Thursday, January 16th. Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. UBS Group decreased their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Finally, Stifel Nicolaus raised their target price on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 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’s stock. According to MarketBeat.com, EVgo currently has an average rating of “Buy” and a consensus price target of $6.11.

EVgo Trading Up 4.8 %

Shares of EVGO stock traded up $0.15 during trading hours on Wednesday, reaching $3.17. 1,101,112 shares of the company’s stock were exchanged, compared to its average volume of 4,785,800. EVgo has a 1 year low of $1.65 and a 1 year high of $9.07. The stock has a market cap of $959.47 million, a PE ratio of -7.50 and a beta of 2.32. The stock’s fifty day moving average price is $3.91 and its two-hundred day moving average price is $4.98.

Insider Transactions at EVgo

In other EVgo news, President Dennis G. Kish sold 44,184 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the transaction, the president now owns 95,986 shares in the company, valued at $327,312.26. This represents a 31.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value 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. The trade was a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,061,563 shares of company stock valued at $115,225,745. 66.96% of the stock is currently owned by corporate insiders.

Institutional Trading of EVgo

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in EVgo by 20.1% during the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock worth $49,414,000 after buying an additional 2,043,449 shares during the last quarter. D. E. Shaw & Co. Inc. increased its position in EVgo by 175.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock worth $20,046,000 after purchasing an additional 3,153,073 shares during the period. Millennium Management LLC raised its stake in shares of EVgo by 394.4% during the 4th quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock worth $18,727,000 after buying an additional 3,688,614 shares in the last quarter. State Street Corp lifted its holdings in shares of EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after buying an additional 847,777 shares during the period. Finally, SIR Capital Management L.P. boosted its stake in shares of EVgo by 326.3% in the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock valued at $14,311,000 after buying an additional 2,704,662 shares in the last quarter. Hedge funds and other institutional investors own 17.44% of the company’s stock.

EVgo Company Profile

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.