Stifel Nicolaus Cuts EVgo (NASDAQ:EVGO) Price Target to $7.00

EVgo (NASDAQ:EVGO) had its price target decreased by Stifel Nicolaus from $7.50 to $7.00 in a report published on Wednesday, Marketbeat.com reports. Stifel Nicolaus currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Benchmark restated a “buy” rating on shares of EVgo in a research note on Monday. Cantor Fitzgerald decreased their price objective on EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of EVgo in a report on Thursday, January 22nd. Finally, UBS Group increased their price objective on shares of EVgo from $5.40 to $5.90 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $5.27.

EVgo Stock Performance

NASDAQ EVGO opened at $2.21 on Wednesday. The stock has a 50-day simple moving average of $2.95 and a 200 day simple moving average of $3.52. EVgo has a twelve month low of $2.13 and a twelve month high of $5.18. The stock has a market capitalization of $680.64 million, a PE ratio of -6.91 and a beta of 2.63.

EVgo (NASDAQ:EVGO) last released its earnings results on Tuesday, March 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The business had revenue of $118.47 million during the quarter. The firm’s revenue was up 75.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.11) earnings per share. As a group, equities research analysts forecast that EVgo will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On EVgo

Several hedge funds and other institutional investors have recently modified their holdings of EVGO. Caitong International Asset Management Co. Ltd boosted its stake in EVgo by 9,108.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 18,141 shares of the company’s stock valued at $53,000 after buying an additional 17,944 shares in the last quarter. Virtu Financial LLC acquired a new position in EVgo during the fourth quarter worth $137,000. Invesco Ltd. lifted its holdings in shares of EVgo by 111.0% during the fourth quarter. Invesco Ltd. now owns 4,424,683 shares of the company’s stock valued at $12,876,000 after acquiring an additional 2,327,545 shares during the period. XTX Topco Ltd bought a new position in shares of EVgo during the fourth quarter valued at $155,000. Finally, VARCOV Co. acquired a new stake in shares of EVgo in the 4th quarter valued at $430,000. Institutional investors own 17.44% of the company’s stock.

EVgo Company Profile

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.