EVgo Receives Mixed Analyst Ratings as Price Target Hits $5.90

Shares of EVgo Inc. (NASDAQ:EVGO) have garnered a consensus rating of “Moderate Buy” from nine analysts currently covering the company, according to MarketBeat.com. The breakdown reveals one sell recommendation, two hold recommendations, and six buy ratings. The average price target among brokerages is set at approximately $5.82 for the next year.

In recent analyst reports, Cantor Fitzgerald reiterated an “overweight” rating for EVgo on November 17, 2023. Conversely, Weiss Ratings maintained a “sell (d-)” rating in a report released on October 8, 2023. Additionally, Stifel Nicolaus revised its price target from $8.00 to $7.50, while maintaining a “buy” recommendation. Meanwhile, UBS Group raised its price target from $5.40 to $5.90, also assigning a “buy” rating. Morgan Stanley increased its price objective from $4.00 to $4.50, designating it as “equal weight” in a report dated August 6, 2023.

As of Monday, EVgo shares opened at $3.16. The stock has experienced fluctuations over the past year, with a low of $2.19 and a high of $7.15. The company’s market capitalization stands at $973.22 million, accompanied by a price-to-earnings ratio of -8.10 and a beta of 2.35. The fifty-day moving average price is $4.02, while the two-hundred-day moving average price is $3.90.

EVgo recently announced its quarterly earnings results on November 10, 2023. The company reported earnings per share of ($0.09), surpassing analysts’ consensus estimates of ($0.18) by $0.09. Total revenue for the quarter reached $92.30 million, slightly below the projected $94.42 million. On a year-over-year basis, revenue increased by 36.7%. For the fiscal year 2025, EVgo has set its guidance with an expected earnings per share of -$0.45.

Founded in the United States, EVgo, Inc. operates a direct current fast charging network for electric vehicles (EVs). The company provides electricity directly to drivers through its publicly accessible network of chargers. Additionally, EVgo offers original equipment manufacturer charging and related services, as well as fleet and rideshare public charging services.

In summary, while the outlook for EVgo reflects a generally positive consensus among analysts, the mixed ratings and varying price targets highlight the ongoing volatility and challenges within the electric vehicle charging market. Investors and stakeholders will be closely monitoring the company’s performance in the coming quarters as it navigates this evolving landscape.