EVgo (NASDAQ:EVGO) Price Target Cut to $6.00 by Analysts at Stifel Nicolaus

EVgo (NASDAQ:EVGO) had its price target lowered by equities researchers at Stifel Nicolaus from $7.00 to $6.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price target suggests a potential upside of 305.41% from the company’s current price.

Several other equities analysts have also recently weighed in on EVGO. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Wednesday, August 5th. JPMorgan Chase & Co. reissued an “underweight” rating on shares of EVgo in a research report on Tuesday, July 21st. Royal Bank Of Canada decreased their price target on EVgo from $3.00 to $2.50 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Morgan Stanley set a $2.50 price target on EVgo in a research report on Thursday, August 6th. Finally, Wall Street Zen cut EVgo from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $3.65.

EVgo Price Performance

NASDAQ EVGO opened at $1.48 on Tuesday. The firm’s 50 day moving average is $1.70 and its 200-day moving average is $2.03. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 5.39. The company has a market capitalization of $465.48 million, a PE ratio of -3.70 and a beta of 2.82. EVgo has a 12-month low of $1.40 and a 12-month high of $5.18.

EVgo (NASDAQ:EVGO) last announced its earnings results on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.03. The business had revenue of $82.65 million for the quarter. The company’s revenue was down 15.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.10) EPS. Equities research analysts anticipate that EVgo will post -0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Advisors Asset Management Inc. increased its holdings in shares of EVgo by 7.4% during the 4th quarter. Advisors Asset Management Inc. now owns 70,388 shares of the company’s stock worth $205,000 after acquiring an additional 4,826 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in EVgo by 22.5% in the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 26,798 shares of the company’s stock valued at $78,000 after acquiring an additional 4,926 shares during the period. Quarry LP lifted its holdings in EVgo by 145.0% during the 4th quarter. Quarry LP now owns 9,307 shares of the company’s stock valued at $27,000 after purchasing an additional 5,508 shares during the last quarter. DRW Securities LLC lifted its holdings in EVgo by 19.2% during the 4th quarter. DRW Securities LLC now owns 39,655 shares of the company’s stock valued at $115,000 after purchasing an additional 6,389 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in EVgo by 18.6% during the second quarter. The Manufacturers Life Insurance Company now owns 46,791 shares of the company’s stock worth $171,000 after purchasing an additional 7,331 shares during the period. 17.44% of the stock is currently owned by institutional investors.

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.