EVgo (NYSE:EVGO) Coverage Initiated at UBS Group

Equities research analysts at UBS Group assumed coverage on shares of EVgo (NYSE:EVGO) in a report issued on Monday, MarketBeat reports. The brokerage set a “neutral” rating and a $4.00 price target on the stock. UBS Group’s price objective would indicate a potential upside of 8.11% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research report on Wednesday, May 8th. Citigroup dropped their price target on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $4.00 price objective on shares of EVgo in a research report on Friday, April 5th. Evercore ISI dropped their price objective on shares of EVgo from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Monday, May 13th. Finally, Benchmark increased their price objective on shares of EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4.29.

EVgo Stock Performance

Shares of EVGO opened at $3.70 on Monday. EVgo has a 1 year low of $1.65 and a 1 year high of $5.95. The company’s 50 day simple moving average is $2.52 and its 200 day simple moving average is $2.41. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -9.74 and a beta of 2.58.

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

Insider Activity at EVgo

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

Institutional Investors Weigh In On EVgo

A number of large investors have recently added to or reduced their stakes in EVGO. Wellington Management Group LLP boosted its stake in EVgo by 323.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company’s stock valued at $9,207,000 after acquiring an additional 2,080,839 shares during the last quarter. Vanguard Group Inc. boosted its stake in EVgo by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock valued at $32,114,000 after acquiring an additional 421,704 shares during the last quarter. KBC Group NV boosted its stake in EVgo by 88.7% during the 4th quarter. KBC Group NV now owns 227,367 shares of the company’s stock valued at $814,000 after acquiring an additional 106,869 shares during the last quarter. Tidal Investments LLC boosted its stake in EVgo by 32.2% during the 1st quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock valued at $798,000 after acquiring an additional 77,354 shares during the last quarter. Finally, Bayesian Capital Management LP boosted its stake in EVgo by 183.0% during the 1st quarter. Bayesian Capital Management LP now owns 63,400 shares of the company’s stock valued at $159,000 after acquiring an additional 41,001 shares during the last quarter. 17.44% of the stock is owned by institutional investors and hedge funds.

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.