Needham & Company LLC Reiterates “Hold” Rating for EVgo (NYSE:EVGO)

EVgo (NYSE:EVGO)‘s stock had its “hold” rating reissued by research analysts at Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports.

Other analysts have also recently issued reports about the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $5.00 target price on shares of EVgo in a report on Thursday, March 7th. Evercore ISI dropped their price objective on shares of EVgo from $9.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday, March 7th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $4.00 target price on shares of EVgo in a research note on Friday, April 5th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $5.19.

EVgo Stock Performance

Shares of EVgo stock opened at $1.79 on Wednesday. EVgo has a 1 year low of $1.65 and a 1 year high of $6.48. The firm’s 50-day simple moving average is $2.25 and its 200-day simple moving average is $2.61. The firm has a market cap of $539.72 million, a PE ratio of -3.81 and a beta of 2.53.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.02. The firm had revenue of $55.16 million for the quarter, compared to analyst estimates of $52.41 million. During the same quarter in the previous year, the company earned ($0.09) EPS. The company’s quarterly revenue was up 118.0% compared to the same quarter last year. On average, equities analysts predict that EVgo will post -0.37 earnings per share for the current year.

Insider Activity at EVgo

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

Institutional Trading of EVgo

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVGO. Swiss National Bank raised its position in shares of EVgo by 1.9% during the third quarter. Swiss National Bank now owns 222,100 shares of the company’s stock worth $751,000 after purchasing an additional 4,100 shares during the period. Voisard Asset Management Group Inc. purchased a new position in shares of EVgo in the fourth quarter worth approximately $29,000. Barclays PLC raised its holdings in shares of EVgo by 7.6% during the third quarter. Barclays PLC now owns 114,829 shares of the company’s stock valued at $389,000 after acquiring an additional 8,134 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in shares of EVgo by 43.2% during the third quarter. State Board of Administration of Florida Retirement System now owns 29,160 shares of the company’s stock valued at $99,000 after acquiring an additional 8,800 shares during the period. Finally, Atria Wealth Solutions Inc. lifted its position in shares of EVgo by 3.2% in the 4th quarter. Atria Wealth Solutions Inc. now owns 288,368 shares of the company’s stock valued at $1,032,000 after acquiring an additional 8,879 shares in 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.