EVgo (NASDAQ:EVGO) Cut to Hold at UBS Group

EVgo (NASDAQ:EVGO) was downgraded by investment analysts at UBS Group from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

Other research analysts have also issued reports about the stock. Cantor Fitzgerald lowered shares of EVgo from an “overweight” rating to a “hold” rating and dropped their price objective for the stock from $3.00 to $2.00 in a research note on Tuesday. Morgan Stanley set a $2.50 target price on shares of EVgo in a report on Thursday, August 6th. Weiss Ratings upgraded shares of EVgo from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 6th. Royal Bank Of Canada dropped their target price on EVgo from $3.00 to $2.50 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Finally, Stifel Nicolaus reduced their price target on EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 25th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.79.

EVgo Stock Performance

NASDAQ EVGO opened at $1.83 on Tuesday. The company has a market cap of $575.57 million, a P/E ratio of -4.57 and a beta of 2.87. The company has a debt-to-equity ratio of 5.39, a quick ratio of 2.19 and a current ratio of 2.19. The business’s 50 day moving average price is $1.32 and its 200-day moving average price is $1.92. EVgo has a fifty-two week low of $0.98 and a fifty-two week high of $3.92.

EVgo (NASDAQ:EVGO) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.03. The company had revenue of $82.65 million for the quarter. The business’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.10) EPS. Sell-side analysts predict that EVgo will post -0.50 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kintra Wealth LLC purchased a new stake in EVgo in the second quarter valued at about $25,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of EVgo during the first quarter worth about $60,000. Royal Bank of Canada grew its stake in shares of EVgo by 94.4% during the first quarter. Royal Bank of Canada now owns 41,038 shares of the company’s stock worth $70,000 after acquiring an additional 19,929 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of EVgo by 46.3% during the first quarter. Cetera Investment Advisers now owns 42,683 shares of the company’s stock worth $73,000 after acquiring an additional 13,499 shares during the last quarter. Finally, J. Derek Lewis & Associates Inc. increased its holdings in shares of EVgo by 59.3% during the first quarter. J. Derek Lewis & Associates Inc. now owns 43,000 shares of the company’s stock valued at $74,000 after acquiring an additional 16,000 shares in the last quarter. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

EVgo Company Profile

EVgo, Inc (NASDAQ: EVGO) operates a public electric vehicle charging network in the United States. The company develops, owns and operates fast-charging stations designed primarily for passenger vehicles, providing drivers with access to charging at shopping centers, grocery stores, retail locations, workplaces and other convenient destinations.

EVgo’s services include on-demand charging through its network and mobile app, as well as features such as payment processing, station availability information and vehicle-to-charger connectivity.