EVgo (NYSE:EVGO) Sets New 12-Month High – Time to Buy?

EVgo, Inc. (NYSE:EVGO)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $9.04 and last traded at $8.97, with a volume of 519016 shares trading hands. The stock had previously closed at $8.94.

Analysts Set New Price Targets

EVGO has been the topic of a number of recent analyst reports. UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and increased their target price for the company from $4.00 to $8.50 in a research report on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and raised their price objective for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Benchmark raised their price objective on EVgo from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. upgraded EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 price objective on the stock in a report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $6.17.

EVgo Stock Performance

The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -23.18 and a beta of 2.58. The business has a 50 day simple moving average of $5.36 and a 200-day simple moving average of $3.55.

EVgo (NYSE:EVGO) last issued its earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $66.62 million during the quarter, compared to analyst estimates of $59.40 million. The firm’s revenue was up 31.8% compared to the same quarter last year. During the same period last year, the business earned ($0.08) earnings per share. Equities analysts predict that EVgo, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other EVgo news, insider Francine Sullivan sold 12,584 shares of EVgo stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the transaction, the insider now directly owns 117,327 shares of the company’s stock, valued at $422,377.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, President Dennis G. Kish sold 16,414 shares of EVgo stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total value of $59,090.40. Following the completion of the transaction, the president now owns 47,614 shares in the company, valued at approximately $171,410.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Francine Sullivan sold 12,584 shares of EVgo stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the transaction, the insider now owns 117,327 shares of the company’s stock, valued at $422,377.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 66.96% of the company’s stock.

Hedge Funds Weigh In On EVgo

Several hedge funds and other institutional investors have recently made changes to their positions in EVGO. International Assets Investment Management LLC purchased a new stake in EVgo during the third quarter worth approximately $51,000. Creative Planning grew its holdings in EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after acquiring an additional 3,297 shares during the period. Point72 DIFC Ltd purchased a new stake in EVgo during the second quarter worth $45,000. Point72 Asset Management L.P. purchased a new stake in shares of EVgo in the second quarter valued at $1,749,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of EVgo in the second quarter valued at $495,000. 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.