EVgo (NYSE:EVGO) Given New $2.00 Price Target at Citigroup

EVgo (NYSE:EVGO) had its price objective decreased by equities researchers at Citigroup from $3.00 to $2.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 0.50% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Cantor Fitzgerald upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $5.00 to $4.00 in a research report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and set a $4.00 target price on shares of EVgo in a research report on Friday, April 5th. Finally, Evercore ISI dropped their target price on shares of EVgo from $9.00 to $8.00 and set an “outperform” rating on the stock in a research report on Thursday, March 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, EVgo presently has an average rating of “Moderate Buy” and an average target price of $4.88.

EVgo Stock Performance

Shares of NYSE EVGO traded up $0.24 during midday trading on Thursday, reaching $1.99. The stock had a trading volume of 5,378,656 shares, compared to its average volume of 2,910,351. The firm has a market cap of $600.02 million, a price-to-earnings ratio of -4.13 and a beta of 2.53. EVgo has a twelve month low of $1.65 and a twelve month high of $6.18. The company’s 50 day moving average price is $2.23 and its 200 day moving average price is $2.60.

EVgo (NYSE:EVGO) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The firm had revenue of $55.16 million during the quarter, compared to analyst estimates of $52.41 million. The firm’s revenue for the quarter was up 118.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) EPS. Equities analysts forecast that EVgo will post -0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 34,717 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total value of $104,151.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Olga Shevorenkova sold 19,363 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total transaction of $58,089.00. Following the completion of the sale, the chief financial officer now directly owns 81,991 shares of the company’s stock, valued at $245,973. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Dennis G. Kish sold 34,717 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total value of $104,151.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,230 shares of company stock worth $167,409. Insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in EVgo by 4.6% during the third 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 during the period. Wellington Management Group LLP boosted its holdings in shares of EVgo by 34.9% in the fourth quarter. Wellington Management Group LLP now owns 3,675,314 shares of the company’s stock worth $13,158,000 after acquiring an additional 951,272 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of EVgo by 47.8% in the third quarter. Bank of New York Mellon Corp now owns 330,856 shares of the company’s stock worth $1,118,000 after acquiring an additional 107,029 shares during the period. Atria Wealth Solutions Inc. boosted its holdings in shares of EVgo by 3.2% in the fourth quarter. Atria Wealth Solutions Inc. now owns 288,368 shares of the company’s stock worth $1,032,000 after acquiring an additional 8,879 shares during the period. Finally, Dark Forest Capital Management LP boosted its holdings in shares of EVgo by 1,862.2% in the third quarter. Dark Forest Capital Management LP now owns 244,722 shares of the company’s stock worth $827,000 after acquiring an additional 232,250 shares during the period. 17.44% of the stock is owned by institutional investors.

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.