Cantor Fitzgerald Reaffirms “Overweight” Rating for EVgo (NYSE:EVGO)

Cantor Fitzgerald restated their overweight rating on shares of EVgo (NYSE:EVGO) in a report released on Monday, Benzinga reports. Cantor Fitzgerald currently has a $4.00 target price on the stock.

Other research analysts have also issued reports about the stock. Citigroup lowered their target price on shares of EVgo from $3.00 to $2.00 and set a neutral rating on the stock in a research report on Thursday, May 9th. Needham & Company LLC restated a hold rating on shares of EVgo in a research report on Wednesday, May 8th. Royal Bank of Canada restated an outperform rating and set a $4.00 target price on shares of EVgo in a research report on Friday, April 5th. Evercore ISI lowered their target price on shares of EVgo from $8.00 to $7.00 and set an outperform rating on the stock in a research report on Monday, May 13th. Finally, Benchmark assumed coverage on shares of EVgo in a research report on Wednesday, June 5th. They set a buy rating and a $3.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $4.00.

EVgo Stock Up 7.7 %

NYSE:EVGO opened at $2.53 on Monday. The company has a fifty day simple moving average of $2.09 and a two-hundred day simple moving average of $2.42. The company has a market cap of $764.14 million, a price-to-earnings ratio of -6.66 and a beta of 2.58. EVgo has a 52 week low of $1.65 and a 52 week high of $5.95.

EVgo (NYSE:EVGO) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.02. The firm had revenue of $55.16 million for the quarter, compared to analysts’ expectations of $52.41 million. During the same period last year, the firm posted ($0.09) earnings per share. EVgo’s revenue for the quarter was up 118.0% on a year-over-year basis. On average, analysts expect that EVgo will post -0.38 EPS for the current year.

Insider Transactions at EVgo

In other news, CEO Badar Khan acquired 125,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average cost of $2.01 per share, for a total transaction of $251,250.00. Following the transaction, the chief executive officer now directly owns 143,874 shares in the company, valued at approximately $289,186.74. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Several hedge funds have recently made changes to their positions in the business. GSA Capital Partners LLP acquired a new stake in EVgo in the third quarter valued at approximately $774,000. Wellington Management Group LLP boosted its stake in shares of EVgo by 323.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company’s stock valued at $9,207,000 after purchasing an additional 2,080,839 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of EVgo by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock valued at $32,114,000 after purchasing an additional 421,704 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of EVgo in the 4th quarter valued at $580,000. Finally, Prime Capital Investment Advisors LLC acquired a new position in EVgo during the 4th quarter worth about $59,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.