UBS Group Issues Positive Forecast for EVgo (NASDAQ:EVGO) Stock Price

EVgo (NASDAQ:EVGO) had its price objective lifted by UBS Group from $5.00 to $5.40 in a research note released on Wednesday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. restated an “overweight” rating on shares of EVgo in a report on Thursday, May 8th. Morgan Stanley lifted their price objective on shares of EVgo from $4.00 to $4.50 and gave the company an “equal weight” rating in a report on Wednesday, August 6th. Finally, Roth Capital restated a “buy” rating on shares of EVgo in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, EVgo has an average rating of “Buy” and an average price target of $6.24.

EVgo Price Performance

Shares of EVGO opened at $3.95 on Wednesday. EVgo has a 1-year low of $2.19 and a 1-year high of $9.07. The stock has a market cap of $1.21 billion, a PE ratio of -9.63 and a beta of 2.33. The firm has a 50-day simple moving average of $3.74 and a two-hundred day simple moving average of $3.29.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.03. The company had revenue of $98.03 million for the quarter, compared to analyst estimates of $86.15 million. EVgo’s revenue was up 47.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) earnings per share. EVgo has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that EVgo will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in EVGO. Soros Fund Management LLC lifted its stake in EVgo by 342.2% in the second quarter. Soros Fund Management LLC now owns 4,976,983 shares of the company’s stock worth $18,166,000 after acquiring an additional 3,851,583 shares during the last quarter. Millennium Management LLC lifted its stake in EVgo by 394.4% in the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock worth $18,727,000 after acquiring an additional 3,688,614 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in EVgo by 175.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock worth $20,046,000 after acquiring an additional 3,153,073 shares during the last quarter. SIR Capital Management L.P. lifted its stake in EVgo by 326.3% in the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock worth $14,311,000 after acquiring an additional 2,704,662 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its stake in EVgo by 2,533.6% in the fourth quarter. Two Sigma Advisers LP now owns 2,494,000 shares of the company’s stock worth $10,101,000 after acquiring an additional 2,399,300 shares during the last quarter. Hedge funds and other institutional investors own 17.44% of the company’s stock.

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.