Royal Bank Of Canada Lowers EVgo (NASDAQ:EVGO) Price Target to $2.50

EVgo (NASDAQ:EVGO) had its target price dropped by equities researchers at Royal Bank Of Canada from $3.00 to $2.50 in a research note issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 54.32% from the stock’s previous close.

Several other equities research analysts also recently commented on EVGO. Weiss Ratings restated a “sell (e+)” rating on shares of EVgo in a report on Wednesday, July 15th. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a report on Wednesday. Cantor Fitzgerald reduced their price target on shares of EVgo from $4.00 to $3.00 and set an “overweight” rating for the company in a research report on Thursday. JPMorgan Chase & Co. restated an “underweight” rating on shares of EVgo in a research note on Tuesday, July 21st. Finally, Wall Street Zen downgraded shares of EVgo from a “sell” rating to a “strong sell” rating in a report on Saturday, May 9th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.18.

EVgo Price Performance

EVGO stock opened at $1.62 on Thursday. The stock has a market capitalization of $508.45 million, a PE ratio of -4.05 and a beta of 2.82. The company’s 50-day moving average is $1.83 and its 200-day moving average is $2.16. The company has a debt-to-equity ratio of 5.39, a current ratio of 2.07 and a quick ratio of 2.07. EVgo has a 1 year low of $1.41 and a 1 year high of $5.18.

EVgo (NASDAQ:EVGO) last issued its earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.03. The firm had revenue of $82.65 million during the quarter. During the same period last year, the firm earned ($0.10) earnings per share. EVgo’s quarterly revenue was down 15.7% compared to the same quarter last year. Equities research analysts expect that EVgo will post -0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Pictet Asset Management Holding SA raised its holdings in shares of EVgo by 78.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,273,200 shares of the company’s stock valued at $6,615,000 after purchasing an additional 996,815 shares during the last quarter. UBS Group AG boosted its holdings in EVgo by 83.6% during the fourth quarter. UBS Group AG now owns 1,043,689 shares of the company’s stock worth $3,037,000 after purchasing an additional 475,092 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in EVgo by 89.4% during the first quarter. Lazard Asset Management LLC now owns 652,657 shares of the company’s stock worth $1,123,000 after purchasing an additional 307,984 shares during the last quarter. Fullerton Advisors LLC bought a new stake in EVgo in the 4th quarter worth about $36,000. Finally, SG Americas Securities LLC purchased a new stake in EVgo in the 4th quarter valued at about $47,000. Institutional investors own 17.44% of the company’s stock.

EVgo News Roundup

Here are the key news stories impacting EVgo this week:

• Positive Sentiment: EVgo plans to deploy EVgo-branded Tesla V4 Superchargers across its U.S. network under license. The chargers can reportedly deliver up to 500 kW and use Tesla’s Magic Dock, potentially improving charging speed, vehicle compatibility and network utilization. EVgo Will Install Tesla Superchargers At Its Charging Stations
• Positive Sentiment: Management outlined a path toward approximately $500 million in adjusted EBITDA by 2030, supported by network growth and the new Tesla-charger initiative. The target provides a long-term profitability narrative for investors, although execution remains important. EVgo outlines path to approximately $0.5 billion adjusted EBITDA by 2030
• Neutral Sentiment: Needham reiterated a “Hold” rating, signaling that the firm sees limited near-term justification for a more bullish stance despite EVgo’s strategic initiatives. Needham reiterates Hold rating for EVgo
• Negative Sentiment: Royal Bank of Canada lowered its price target from $3.00 to $2.50, while maintaining an “Outperform” rating. The reduced target reflects more cautious valuation assumptions, even though it remains above the current share price. EVgo price target lowered to $2.50 at Royal Bank of Canada
• Negative Sentiment: Cantor Fitzgerald cut its target from $4.00 to $3.00 but retained an “Overweight” rating. Multiple target reductions may weigh on sentiment by highlighting valuation and execution concerns. EVgo price target cut to $3.00 by Cantor Fitzgerald

About EVgo

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.