EVgo (NYSE:EVGO) Trading Down 5.3% After Analyst Downgrade

Posted by on May 20th, 2023

Shares of EVgo, Inc. (NYSE:EVGO – Get Rating) traded down 5.3% during mid-day trading on Friday after Bank of America lowered their price target on the stock from $7.00 to $1.00. The company traded as low as $3.91 and last traded at $3.94. 5,629,918 shares traded hands during mid-day trading, an increase of 112% from the average session volume of 2,658,029 shares. The stock had previously closed at $4.16.

A number of other analysts also recently weighed in on the company. Stifel Nicolaus started coverage on EVgo in a research note on Tuesday. They issued a “buy” rating and a $9.00 price target on the stock. JPMorgan Chase & Co. downgraded EVgo from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $6.00 in a research report on Thursday, January 26th. Evercore ISI cut their price target on EVgo from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, March 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of EVgo in a research report on Friday, March 31st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.44.

Hedge Funds Weigh In On EVgo

Large investors have recently modified their holdings of the business. Almanack Investment Partners LLC. bought a new position in EVgo in the third quarter valued at approximately $25,000. Creative Financial Designs Inc. ADV increased its stake in EVgo by 230.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 3,300 shares of the company’s stock valued at $26,000 after purchasing an additional 2,300 shares in the last quarter. FMR LLC increased its position in shares of EVgo by 689.3% during the first quarter. FMR LLC now owns 3,457 shares of the company’s stock worth $27,000 after acquiring an additional 3,019 shares in the last quarter. Ensign Peak Advisors Inc bought a new stake in shares of EVgo during the third quarter worth about $27,000. Finally, Householder Group Estate & Retirement Specialist LLC bought a new stake in EVgo in the 1st quarter worth about $35,000. 12.95% of the stock is currently owned by institutional investors and hedge funds.

EVgo Trading Down 4.8 %

The firm has a market capitalization of $1.06 billion, a P/E ratio of -10.70 and a beta of 2.00. The stock’s 50-day simple moving average is $5.96 and its 200-day simple moving average is $5.90.

EVgo (NYSE:EVGO – Get Rating) last released its earnings results on Thursday, March 30th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $27.30 million for the quarter, compared to the consensus estimate of $20.16 million. During the same period in the prior year, the business posted $0.06 EPS. EVgo’s revenue for the quarter was up 284.5% on a year-over-year basis. On average, equities research analysts expect that EVgo, Inc. will post -1.16 EPS for the current year.

About EVgo

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EVgo, Inc owns and operates a direct current fast charging network 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.

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