UBS Group Has Lowered Expectations for EVgo (NYSE:EVGO) Stock Price

EVgo (NYSE:EVGO) had its price target cut by UBS Group from $8.00 to $5.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

EVGO has been the subject of a number of other reports. TD Cowen raised EVgo from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. Royal Bank of Canada increased their price objective on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Stifel Nicolaus lifted their price objective on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of EVgo in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. decreased their price target on EVgo from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Friday, December 20th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $6.22.

EVgo Stock Down 2.3 %

Shares of EVGO opened at $3.38 on Monday. The company has a market cap of $1.02 billion, a P/E ratio of -8.05 and a beta of 2.35. EVgo has a fifty-two week low of $1.65 and a fifty-two week high of $9.07. The firm’s 50 day moving average price is $4.83 and its 200 day moving average price is $5.03.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. During the same quarter in the prior year, the firm posted ($0.09) EPS. The company’s quarterly revenue was up 92.3% on a year-over-year basis. Research analysts forecast that EVgo will post -0.45 earnings per share for the current year.

Insider Activity

In related news, President Dennis G. Kish sold 17,379 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $4.32, for a total value of $75,077.28. Following the completion of the sale, the president now owns 13,655 shares in the company, valued at $58,989.60. This represents a 56.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Badar Khan sold 166,725 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $5.14, for a total transaction of $856,966.50. Following the sale, the chief executive officer now owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This represents a 32.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 23,184,104 shares of company stock valued at $115,932,044. Insiders own 66.96% of the company’s stock.

Institutional Trading of EVgo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP increased its holdings in shares of EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares during the period. Point72 DIFC Ltd purchased a new position in EVgo in the 2nd quarter valued at $45,000. Squarepoint Ops LLC purchased a new position in EVgo during the 2nd quarter worth $495,000. Point72 Asset Management L.P. acquired a new stake in shares of EVgo in the 2nd quarter worth $1,749,000. Finally, Creative Planning boosted its holdings in shares of EVgo by 32.7% in the third quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after acquiring an additional 3,297 shares in the last quarter. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Company Profile

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.