EVgo (NYSE:EVGO) Upgraded to “Overweight” by JPMorgan Chase & Co.

EVgo (NYSE:EVGO) was upgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, MarketBeat.com reports. The brokerage currently has a $7.00 target price on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 2.78% from the stock’s previous close.

A number of other research firms also recently weighed in on EVGO. UBS Group assumed coverage on EVgo in a research note on Monday, July 22nd. They issued a “neutral” rating and a $4.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Thursday, August 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price target on shares of EVgo in a research note on Monday, September 30th. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th. Finally, Benchmark increased their target price on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.22.

EVgo Stock Performance

NYSE EVGO opened at $7.20 on Thursday. EVgo has a 52 week low of $1.65 and a 52 week high of $7.69. The stock has a market capitalization of $2.17 billion, a P/E ratio of -18.97 and a beta of 2.58. The stock has a fifty day moving average of $4.07 and a 200-day moving average of $2.94.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01. The firm had revenue of $66.62 million for the quarter, compared to the consensus estimate of $59.40 million. The business’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.08) earnings per share. Equities research analysts forecast that EVgo will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at EVgo

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Legacy Capital Wealth Partners LLC acquired a new stake in shares of EVgo during the 2nd quarter worth about $27,000. Voisard Asset Management Group Inc. acquired a new stake in EVgo during the fourth quarter worth approximately $29,000. Bleakley Financial Group LLC acquired a new stake in shares of EVgo during the 1st quarter worth $36,000. SG Americas Securities LLC bought a new position in EVgo in the 1st quarter valued at about $41,000. Finally, Point72 DIFC Ltd bought a new position in EVgo in the second quarter valued at approximately $45,000. 17.44% of the stock is currently owned by 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.