Stifel Nicolaus Cuts EVgo (NASDAQ:EVGO) Price Target to $6.00

EVgo (NASDAQ:EVGO) had its price objective reduced by Stifel Nicolaus from $7.00 to $6.00 in a report published on Tuesday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Several other analysts have also issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Wednesday, August 5th. Royal Bank Of Canada decreased their price objective on EVgo from $3.00 to $2.50 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Roth Capital set a $2.00 price objective on EVgo in a research report on Monday, August 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of EVgo in a research note on Wednesday, July 15th. Finally, Cantor Fitzgerald reduced their target price on shares of EVgo from $4.00 to $3.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.65.

EVgo Trading Down 1.7%

Shares of EVGO stock opened at $1.44 on Tuesday. EVgo has a 1 year low of $1.40 and a 1 year high of $5.18. The firm has a fifty day moving average price of $1.67 and a 200-day moving average price of $2.00. The company has a debt-to-equity ratio of 5.39, a current ratio of 2.19 and a quick ratio of 2.19. The company has a market cap of $451.33 million, a price-to-earnings ratio of -3.59 and a beta of 2.82.

EVgo (NASDAQ:EVGO) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.03. The company had revenue of $82.65 million during the quarter. During the same period last year, the business earned ($0.10) EPS. EVgo’s quarterly revenue was down 15.7% compared to the same quarter last year. As a group, equities analysts predict that EVgo will post -0.51 earnings per share for the current year.

Institutional Investors Weigh In On EVgo

Institutional investors have recently bought and sold shares of the business. State Street Corp raised its holdings in EVgo by 59.3% during the fourth quarter. State Street Corp now owns 6,346,462 shares of the company’s stock valued at $18,468,000 after acquiring an additional 2,362,435 shares during the period. Invesco Ltd. boosted its stake in shares of EVgo by 111.0% in the fourth quarter. Invesco Ltd. now owns 4,424,683 shares of the company’s stock worth $12,876,000 after acquiring an additional 2,327,545 shares during the period. Millennium Management LLC boosted its stake in shares of EVgo by 45.3% in the third quarter. Millennium Management LLC now owns 5,560,748 shares of the company’s stock worth $26,302,000 after acquiring an additional 1,734,958 shares during the period. Pictet Asset Management Holding SA grew its position in shares of EVgo by 78.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,273,200 shares of the company’s stock worth $6,615,000 after purchasing an additional 996,815 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of EVgo by 79.5% during the third quarter. Bank of America Corp DE now owns 1,978,600 shares of the company’s stock worth $9,359,000 after purchasing an additional 876,517 shares in the last quarter. Hedge funds and other institutional investors own 17.44% of the company’s stock.

About EVgo

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.