EVgo, Inc. (NYSE:EVGO) Given Consensus Recommendation of “Buy” by Brokerages

Shares of EVgo, Inc. (NYSE:EVGO) have been given a consensus rating of “Buy” by the twelve research firms that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $6.11.

EVGO has been the topic of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. UBS Group cut their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, January 27th. JPMorgan Chase & Co. reduced their price target on EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Thursday, January 16th.

EVgo Price Performance

Shares of NYSE EVGO opened at $2.73 on Friday. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07. The business has a fifty day moving average price of $3.57 and a 200 day moving average price of $4.94. The stock has a market capitalization of $826.09 million, a P/E ratio of -6.49 and a beta of 2.32.

Insider Activity at EVgo

In related news, President Dennis G. Kish sold 17,379 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $4.32, for a total transaction of $75,077.28. Following the sale, the president now directly owns 13,655 shares of the company’s stock, valued at $58,989.60. This trade represents a 56.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the transaction, the director now directly owns 5,882,352 shares of the company’s stock, valued at $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,061,563 shares of company stock worth $115,225,745 over the last quarter. Insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Large investors have recently made changes to their positions in the company. Mariner LLC acquired a new stake in EVgo during the fourth quarter valued at $48,000. International Assets Investment Management LLC purchased a new position in shares of EVgo in the 3rd quarter valued at about $51,000. Creative Planning raised its holdings in EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares during the period. FORA Capital LLC purchased a new position in EVgo during the fourth quarter worth approximately $56,000. Finally, Legacy Capital Wealth Partners LLC grew its holdings in EVgo by 31.8% in the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock valued at $60,000 after purchasing an additional 3,500 shares during the period. 17.44% of the stock is currently 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.