EVgo (NYSE:EVGO) Rating Increased to Buy at TD Cowen

EVgo (NYSE:EVGO) was upgraded by TD Cowen from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, MarketBeat reports. The firm presently has a $7.00 price target on the stock, up from their previous price target of $5.00. TD Cowen’s price target points to a potential downside of 2.78% from the company’s previous close.

EVGO has been the subject of a number of other reports. Capital One Financial raised shares of EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Benchmark upped their target price on EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. raised EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price target on the stock in a research report on Thursday. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. Finally, Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Thursday, August 29th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.22.

EVgo Price Performance

Shares of NYSE EVGO opened at $7.20 on Thursday. EVgo has a 1 year low of $1.65 and a 1 year high of $7.69. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of -18.97 and a beta of 2.58. The business has a 50-day moving average of $4.07 and a two-hundred day moving average of $2.94.

EVgo (NYSE:EVGO) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million during the quarter, compared to analyst estimates of $59.40 million. During the same period last year, the company earned ($0.08) earnings per share. The business’s revenue for the quarter was up 31.8% compared to the same quarter last year. As a group, equities research analysts expect that EVgo will post -0.4 earnings per share for the current year.

Insider Buying and Selling at EVgo

In other news, insider Francine Sullivan sold 12,584 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the sale, the insider now owns 117,327 shares in the company, valued at approximately $422,377.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Francine Sullivan sold 12,584 shares of the company’s stock in a transaction 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 owns 117,327 shares of the company’s stock, valued at $422,377.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Dennis G. Kish sold 16,414 shares of the firm’s stock in a transaction 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 completion of the sale, the president now directly owns 47,614 shares of the company’s stock, valued at approximately $171,410.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by corporate insiders.

Institutional Trading of EVgo

Institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd purchased a new position in EVgo in the second quarter valued at about $45,000. Point72 Asset Management L.P. purchased a new position in EVgo in the 2nd quarter valued at approximately $1,749,000. Squarepoint Ops LLC acquired a new position in EVgo during the second quarter worth $495,000. HITE Hedge Asset Management LLC purchased a new stake in EVgo during the second quarter worth $495,000. Finally, Marshall Wace LLP grew its holdings in EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares during 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.