EVgo (NASDAQ:EVGO) Cut to Neutral at Cantor Fitzgerald

EVgo (NASDAQ:EVGO) was downgraded by investment analysts at Cantor Fitzgerald from an “overweight” rating to a “neutral” rating in a note issued to investors on Tuesday, Benzinga reports. They presently have a $2.00 price target on the stock, down from their prior price target of $3.00. Cantor Fitzgerald‘s price target would indicate a potential upside of 8.11% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. UBS Group reaffirmed a “buy” rating on shares of EVgo in a research note on Wednesday, October 7th. Morgan Stanley set a $2.50 price objective on EVgo in a research note on Thursday, August 6th. JPMorgan Chase & Co. downgraded EVgo from a “neutral” rating to an “underweight” rating in a report on Tuesday, July 21st. Weiss Ratings raised EVgo from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. Finally, Stifel Nicolaus lowered their target price on EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 25th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, EVgo has an average rating of “Hold” and a consensus price target of $2.79.

EVgo Price Performance

Shares of NASDAQ EVGO opened at $1.85 on Tuesday. The firm’s 50-day moving average price is $1.31 and its 200-day moving average price is $1.93. EVgo has a 1-year low of $0.98 and a 1-year high of $4.11. The firm has a market capitalization of $581.85 million, a P/E ratio of -4.62 and a beta of 2.87. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 5.39.

EVgo (NASDAQ:EVGO) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.03. The company had revenue of $82.65 million for the quarter. EVgo’s quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.10) earnings per share. Equities research analysts anticipate that EVgo will post -0.50 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EVgo

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Tidal Investments LLC lifted its position in EVgo by 2,675.5% in the 2nd quarter. Tidal Investments LLC now owns 331,891 shares of the company’s stock valued at $634,000 after acquiring an additional 319,933 shares in the last quarter. Lazard Asset Management LLC boosted its stake in EVgo by 89.4% during the 1st quarter. Lazard Asset Management LLC now owns 652,657 shares of the company’s stock valued at $1,123,000 after purchasing an additional 307,984 shares during the last quarter. Renaissance Technologies LLC increased its holdings in EVgo by 31.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,192,933 shares of the company’s stock worth $2,052,000 after purchasing an additional 288,100 shares in the last quarter. State Street Corp increased its holdings in EVgo by 1.3% during the 2nd quarter. State Street Corp now owns 6,371,895 shares of the company’s stock worth $12,170,000 after purchasing an additional 80,946 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in EVgo during the 2nd quarter worth approximately $149,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

More EVgo News

Here are the key news stories impacting EVgo this week:

• Positive Sentiment: Take-private proposal establishes a near-term valuation reference. LS Power Equity Advisors and affiliates, which control approximately 56% of EVgo’s combined voting power, offered to acquire all Class A shares they do not already own for $2.00 each. The cash bid represents a substantial premium to EVgo’s pre-announcement trading level and has lifted investor expectations for a potential transaction. EVgo Confirms Receipt of Unsolicited and Non-Binding Take Private Proposal
• Positive Sentiment: Analyst sentiment improved. JPMorgan upgraded EVgo from Underweight to Neutral, potentially reducing selling pressure and adding support to the stock’s recovery. Unusually heavy call-option activity also indicated increased speculative interest ahead of the proposal and the company’s quarterly report. JPMorgan Upgrades EVgo to Neutral From Underweight
• Neutral Sentiment: Upcoming earnings remain an important test. Investors are watching whether EVgo’s charging-business performance can offset a possible guidance reduction and continuing earnings pressure. Analysts were expecting a decline in earnings ahead of the report. EVgo’s Q3 Report Tests Whether A Strong Charging Business Can Offset A Guidance Cut
• Negative Sentiment: The offer is not yet a completed deal. EVgo described LS Power’s bid as unsolicited and non-binding. The board must evaluate the proposal, and the $2.00 price may limit further upside unless LS Power improves its terms or a competing bidder emerges. EVgo Acknowledges Receipt of Take Private Proposal

About EVgo

EVgo, Inc (NASDAQ: EVGO) operates a public electric vehicle charging network in the United States. The company develops, owns and operates fast-charging stations designed primarily for passenger vehicles, providing drivers with access to charging at shopping centers, grocery stores, retail locations, workplaces and other convenient destinations.

EVgo’s services include on-demand charging through its network and mobile app, as well as features such as payment processing, station availability information and vehicle-to-charger connectivity.