EVgo (NASDAQ:EVGO) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen downgraded shares of EVgo (NASDAQ:EVGO) from a sell rating to a strong sell rating in a research note issued to investors on Saturday morning.

Several other analysts have also recently issued reports on the stock. Royal Bank Of Canada decreased their target price on shares of EVgo from $4.50 to $3.00 and set an “outperform” rating on the stock in a research report on Wednesday. Stifel Nicolaus decreased their target price on shares of EVgo from $7.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Cantor Fitzgerald decreased their target price on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 4th. Weiss Ratings restated a “sell (d-)” rating on shares of EVgo in a research report on Thursday, January 22nd. Finally, Benchmark restated a “buy” rating on shares of EVgo in a research report on Monday, March 2nd. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $5.28.

EVgo Stock Up 3.7%

Shares of NASDAQ EVGO opened at $1.97 on Friday. The firm’s 50-day moving average price is $2.09 and its 200-day moving average price is $2.82. The company has a current ratio of 2.07, a quick ratio of 2.19 and a debt-to-equity ratio of 5.39. The stock has a market capitalization of $616.78 million, a price-to-earnings ratio of -5.63 and a beta of 2.82. EVgo has a 12-month low of $1.64 and a 12-month high of $5.18.

EVgo (NASDAQ:EVGO) last announced its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.02. The business had revenue of $109.53 million for the quarter. The company’s quarterly revenue was up 45.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.09) EPS. On average, equities research analysts anticipate that EVgo will post -0.46 EPS for the current fiscal year.

Institutional Trading of EVgo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EVGO. Quarry LP raised its position in EVgo by 145.0% in the 4th 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 purchased a new stake in EVgo in the 4th quarter worth about $27,000. Caitong International Asset Management Co. Ltd raised its position in EVgo by 4,903.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 9,856 shares of the company’s stock worth $29,000 after purchasing an additional 9,659 shares during the period. Balyasny Asset Management L.P. purchased a new stake in EVgo in the 4th quarter worth about $32,000. Finally, Fullerton Advisors LLC purchased a new stake in EVgo in the 4th quarter worth about $36,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

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.