EVgo (NYSE:EVGO) Receives “Hold” Rating from Needham & Company LLC

EVgo (NYSE:EVGO)‘s stock had its “hold” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports.

Several other equities analysts have also recently issued reports on the company. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of EVgo in a research note on Monday, September 30th. UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Stifel Nicolaus raised their price objective on EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada raised their price objective on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $6.61.

EVgo Trading Up 4.0 %

EVGO stock opened at $3.89 on Thursday. EVgo has a twelve month low of $1.65 and a twelve month high of $9.07. The company has a market capitalization of $1.18 billion, a P/E ratio of -9.26 and a beta of 2.35. The firm has a 50 day simple moving average of $5.30 and a 200-day simple moving average of $5.00.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The firm had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The company’s quarterly revenue was up 92.3% on a year-over-year basis. On average, research analysts predict that EVgo will post -0.45 EPS for the current year.

Insider Activity

In other news, CEO Badar Khan sold 166,725 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $5.14, for a total transaction of $856,966.50. Following the transaction, the chief executive officer now directly owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Dennis G. Kish sold 17,379 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total value of $75,077.28. Following the transaction, the president now directly owns 13,655 shares in the company, valued at $58,989.60. This trade represents a 56.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,184,104 shares of company stock valued at $115,932,044. Company insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in EVgo during the third quarter worth about $51,000. Creative Planning grew its holdings in EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after acquiring an additional 3,297 shares during the period. Legacy Capital Wealth Partners LLC grew its holdings in EVgo by 31.8% during the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after acquiring an additional 3,500 shares during the period. Point72 DIFC Ltd acquired a new position in EVgo during the second quarter worth about $45,000. Finally, Blueshift Asset Management LLC acquired a new position in EVgo during the third quarter worth about $80,000. 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.