Royal Bank Of Canada Cuts EVgo (NASDAQ:EVGO) Price Target to $3.00

EVgo (NASDAQ:EVGO) had its price objective cut by Royal Bank Of Canada from $4.50 to $3.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also weighed in on the stock. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of EVgo in a research note on Wednesday, March 25th. Stifel Nicolaus reduced their price target on shares of EVgo from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EVgo in a research report on Thursday, January 22nd. Cantor Fitzgerald reduced their price target on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, March 4th. Finally, Benchmark reaffirmed a “buy” rating on shares of EVgo in a research report on Monday, March 2nd. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $5.28.

EVgo Price Performance

Shares of EVGO opened at $1.97 on Wednesday. The firm has a market cap of $616.77 million, a PE ratio of -5.63 and a beta of 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 firm has a fifty day simple moving average of $2.09 and a two-hundred day simple moving average of $2.82. EVgo has a 1-year low of $1.64 and a 1-year high of $5.18.

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

Institutional Investors Weigh In On EVgo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL purchased a new stake in EVgo in the 3rd quarter worth approximately $8,165,000. Federated Hermes Inc. increased its holdings in EVgo by 211.0% in the 3rd quarter. Federated Hermes Inc. now owns 1,003,689 shares of the company’s stock worth $4,747,000 after acquiring an additional 681,011 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in EVgo by 78.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,273,200 shares of the company’s stock worth $6,615,000 after acquiring an additional 996,815 shares in the last quarter. HITE Hedge Asset Management LLC increased its holdings in EVgo by 13.8% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 2,946,791 shares of the company’s stock worth $13,938,000 after acquiring an additional 356,614 shares in the last quarter. Finally, Abacus Wealth Partners LLC bought a new position in EVgo in the 4th quarter worth approximately $50,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

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.