EVgo Inc. (NASDAQ:EVGO) Given Average Rating of “Moderate Buy” by Brokerages

Shares of EVgo Inc. (NASDAQ:EVGO) have received an average recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $5.3167.

Several equities research analysts recently weighed in on the company. Benchmark restated a “buy” rating on shares of EVgo in a report on Monday, March 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of EVgo in a research report on Thursday, January 22nd. Royal Bank Of Canada reduced their price objective on shares of EVgo from $7.00 to $4.50 and set an “outperform” rating for the company in a research note on Wednesday, March 4th. Stifel Nicolaus decreased their price objective on shares of EVgo from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Finally, Cantor Fitzgerald lowered their target price on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 4th.

EVgo Trading Down 1.7%

EVgo stock opened at $1.72 on Friday. EVgo has a 1-year low of $1.69 and a 1-year high of $5.18. The firm’s fifty day simple moving average is $2.64 and its 200-day simple moving average is $3.32. The company has a market capitalization of $538.50 million, a P/E ratio of -5.38 and a beta of 2.63.

EVgo (NASDAQ:EVGO) last released its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.10. The company had revenue of $118.47 million for the quarter. The business’s quarterly revenue was up 75.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.11) EPS. On average, equities research analysts predict that EVgo will post -0.45 earnings per share for the current year.

Institutional Investors Weigh In On EVgo

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP increased its stake in shares of EVgo by 145.0% in the fourth quarter. Quarry LP now owns 9,307 shares of the company’s stock worth $27,000 after purchasing an additional 5,508 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of EVgo during the 4th quarter worth about $27,000. Caitong International Asset Management Co. Ltd boosted its stake in EVgo by 4,903.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 9,856 shares of the company’s stock valued at $29,000 after purchasing an additional 9,659 shares during the period. Ameriprise Financial Inc. acquired a new stake in EVgo in the 3rd quarter valued at approximately $49,000. Finally, Balyasny Asset Management L.P. acquired a new stake in EVgo in the 4th quarter valued at approximately $32,000. 17.44% of the stock is owned by institutional investors and hedge funds.

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.