Fintel reports that on September 8, 2023, RBC Capital initiated coverage of EVgo Inc - (NASDAQ:EVGO) with a Sector Perform recommendation.
Analyst Price Forecast Suggests 94.89% Upside
As of August 31, 2023, the average one-year price target for EVgo Inc - is 7.06. The forecasts range from a low of 1.01 to a high of $12.60. The average price target represents an increase of 94.89% from its latest reported closing price of 3.62.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for EVgo Inc - is 153MM, an increase of 35.03%. The projected annual non-GAAP EPS is -0.45.
What is the Fund Sentiment?
There are 333 funds or institutions reporting positions in EVgo Inc -. This is a decrease of 1 owner(s) or 0.30% in the last quarter. Average portfolio weight of all funds dedicated to EVGO is 0.07%, a decrease of 29.53%. Total shares owned by institutions increased in the last three months by 23.21% to 48,858K shares. 
The put/call ratio of EVGO is 0.37, indicating a bullish outlook.
What are Other Shareholders Doing?
Allianz Asset Management holds 3,358K shares representing 3.25% ownership of the company. No change in the last quarter.
Pictet Asset Management holds 3,272K shares representing 3.17% ownership of the company. In it's prior filing, the firm reported owning 2,658K shares, representing an increase of 18.78%. The firm increased its portfolio allocation in EVGO by 3.01% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,179K shares representing 3.07% ownership of the company. In it's prior filing, the firm reported owning 2,082K shares, representing an increase of 34.51%. The firm decreased its portfolio allocation in EVGO by 27.66% over the last quarter.
Invesco holds 2,781K shares representing 2.69% ownership of the company. In it's prior filing, the firm reported owning 2,090K shares, representing an increase of 24.85%. The firm increased its portfolio allocation in EVGO by 593.75% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 2,635K shares representing 2.55% ownership of the company. In it's prior filing, the firm reported owning 1,804K shares, representing an increase of 31.55%. The firm decreased its portfolio allocation in EVGO by 28.63% over the last quarter.
EVgo Background Information
(This description is provided by the company.)
EVgo is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 300,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
Additional reading:
- Transition Agreement, dated August 1, 2023, between EVgo Inc., EVgo Services LLC, EVgo Holdings, LLC, EVgo Management Holdings, LLC and Catherine Zoi.
- Employment Agreement, dated August 1, 2023, between EVgo Services LLC and Badar Khan.
- Press Release issued by EVgo Inc. on August 2, 2023.
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