EVgo (NASDAQ:EVGO) stock is falling on Wednesday after the maker of chargers for electric vehicles (EVs) was hit with a downgrade by TD Cowen.
That downgrade has the firm’s analysts dropping EVGO stock from an “outperform” rating to a “market perform” rating. Investors will keep in mind that the analysts’ consensus rating for EVGO shares is moderate buy based on 8 opinions.
To go along with this downgrade, the TD Cowen analysts also dropped the price target for EVGO from $6 per share to $4 per share. That still represents a roughly 70.9% upside for the stock. However, it’s well below the analysts’ consensus price prediction of $7.55 per share.
What’s Behind the EVGO Downgrade?
TD Cowen’s analysts provided several reasons for the downgrade of EVgo’s shares today. That includes concerns about funding at the EV charging company. Another issue highlighted by the analysts is increasing rates.
Investors in EVOG stock aren’t reacting well to the downgrade from TD Cowen. As a result, the company’s shares are down 8.1% as of Wednesday morning. That comes with some 920,000 shares changing hands, as compared to its daily average trading volume of about 3.2 million shares.
Of course, there’s plenty of other stock market news that traders are going to want to know about on Wednesday!
Luckily, we’ve got all of that news ready to go with our deep dives into the stock market today. A few examples of that include what’s going on with shares of BioXcel Therapeutics (NASDAQ:BTAI), InMed Pharmaceuticals (NASDAQ:INM) and Sonnet BioTherapeutics (NASDAQ:SONN) stock today. You can catch up on all of these matters down below!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
