EVgo’s (EVGO) “Overweight” Rating Reiterated at Cantor Fitzgerald

EVgo (NASDAQ:EVGO)‘s stock had its “overweight” rating restated by research analysts at Cantor Fitzgerald in a note issued to investors on Wednesday,Benzinga reports. They currently have a $8.00 target price on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 221.29% from the company’s previous close.

EVGO has been the topic of several other research reports. JPMorgan Chase & Co. cut their target price on EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Wednesday. Finally, UBS Group reduced their price objective on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, EVgo has a consensus rating of “Buy” and a consensus target price of $6.44.

EVgo Price Performance

Shares of NASDAQ:EVGO traded up $0.01 during trading hours on Wednesday, hitting $2.49. The company’s stock had a trading volume of 1,049,821 shares, compared to its average volume of 4,581,117. The firm’s fifty day moving average price is $3.43 and its 200 day moving average price is $4.92. EVgo has a 52 week low of $1.65 and a 52 week high of $9.07. The company has a market capitalization of $754.85 million, a price-to-earnings ratio of -5.93 and a beta of 2.32.

EVgo (NASDAQ:EVGO) last issued its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The business had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. On average, equities research analysts predict that EVgo will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In other EVgo news, Director David Nanus sold 23,000,000 shares of EVgo 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 completion of the sale, the director now owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their position. The sale 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 business’s 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 sale, the president now owns 13,655 shares in the company, valued at approximately $58,989.60. The trade was a 56.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,061,563 shares of company stock worth $115,225,745. Company insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Several institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp boosted its stake in shares of EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after buying an additional 847,777 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after acquiring an additional 90,887 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in EVgo in the fourth quarter valued at $425,000. International Assets Investment Management LLC purchased a new stake in EVgo in the third quarter valued at approximately $51,000. Finally, Verition Fund Management LLC purchased a new stake in EVgo during the third quarter worth about $653,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

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.