EVgo’s (EVGO) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of EVgo (NASDAQ:EVGO) in a research report released on Wednesday morning,Benzinga reports.

EVGO has been the subject of several other research reports. UBS Group lowered their price objective on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, January 27th. JPMorgan Chase & Co. lowered their price objective on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $6.44.

EVgo Price Performance

Shares of NASDAQ EVGO opened at $2.56 on Wednesday. The firm has a fifty day moving average price of $3.40 and a 200-day moving average price of $4.90. The stock has a market cap of $776.07 million, a PE ratio of -6.10 and a beta of 2.32. EVgo has a 1 year low of $1.65 and a 1 year high of $9.07.

EVgo (NASDAQ:EVGO) last issued its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million for the quarter, compared to the consensus estimate of $69.49 million. On average, research analysts expect that EVgo will post -0.45 EPS for the current year.

Insider Transactions at EVgo

In other news, President Dennis G. Kish sold 44,184 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the sale, the president now owns 95,986 shares in the company, valued at approximately $327,312.26. This trade represents a 31.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Nanus sold 23,000,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the sale, the director now owns 5,882,352 shares of the company’s stock, valued at $29,411,760. This trade represents a 79.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,061,563 shares of company stock worth $115,225,745. 66.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in EVgo by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock worth $49,414,000 after buying an additional 2,043,449 shares during the period. D. E. Shaw & Co. Inc. increased its stake in EVgo by 175.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company’s stock worth $20,046,000 after buying an additional 3,153,073 shares during the period. Millennium Management LLC increased its stake in EVgo by 394.4% in the 4th quarter. Millennium Management LLC now owns 4,623,922 shares of the company’s stock worth $18,727,000 after buying an additional 3,688,614 shares during the period. State Street Corp increased its stake in EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after buying an additional 847,777 shares during the period. Finally, SIR Capital Management L.P. increased its stake in EVgo by 326.3% in the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company’s stock worth $14,311,000 after buying an additional 2,704,662 shares during the period. 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.