JPMorgan Chase & Co. Has Lowered Expectations for EVgo (NASDAQ:EVGO) Stock Price

EVgo (NASDAQ:EVGO) had its target price lowered by JPMorgan Chase & Co. from $6.00 to $5.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 100.80% from the company’s current price.

Other research analysts have also issued reports about the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.00 target price on shares of EVgo in a research report on Wednesday, March 5th. UBS Group decreased their target price on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, January 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a report on Wednesday, March 5th. Finally, Stifel Nicolaus dropped their price objective on EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $6.11.

EVgo Stock Down 0.8 %

Shares of NASDAQ:EVGO traded down $0.02 during trading on Wednesday, reaching $2.49. The stock had a trading volume of 382,942 shares, compared to its average volume of 4,506,204. The stock has a market cap of $754.85 million, a P/E ratio of -5.93 and a beta of 2.37. The business has a fifty day moving average price of $3.26 and a 200-day moving average price of $4.87. EVgo has a fifty-two week low of $1.65 and a fifty-two week high of $9.07.

EVgo (NASDAQ:EVGO) last released its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.04. The business had revenue of $67.51 million for the quarter, compared to analysts’ expectations of $69.49 million. As a group, equities analysts forecast that EVgo will post -0.45 EPS for the current year.

Insider Buying and Selling at EVgo

In related news, Director David Nanus sold 23,000,000 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the sale, the director now owns 5,882,352 shares in the company, valued at approximately $29,411,760. This trade represents a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following the sale, the president now owns 95,986 shares in the company, valued at $327,312.26. This represents a 31.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,061,563 shares of company stock worth $115,225,745 over the last 90 days. Insiders own 66.96% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Mariner LLC acquired a new stake in shares of EVgo during the 4th quarter worth approximately $48,000. Creative Planning boosted its stake in EVgo by 32.7% during the 3rd 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 last quarter. FORA Capital LLC bought a new position in EVgo during the 4th quarter worth approximately $56,000. SCP Investment LP acquired a new position in EVgo during the fourth quarter valued at approximately $60,000. Finally, Clear Harbor Asset Management LLC bought a new stake in EVgo in the fourth quarter valued at approximately $72,000. 17.44% of the stock is owned by institutional investors.

EVgo Company Profile

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.