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 analyst consensus rating for EVGO shares is a moderate buy based on eight opinions.
To go along with this downgrade, TD Cowen also dropped the price target for EVGO stock from $6 per share to $4 per share. That still represents a roughly 85% upside for the stock. However, it’s well below the analyst 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 TD Cowen is increasing rates.
Investors in EVGO 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
- Why Is BioXcel Therapeutics (BTAI) Stock Up 42% Today?
- Why Is InMed Pharmaceuticals (INM) Stock Down 25% Today?
- Why Is Sonnet BioTherapeutics (SONN) Stock Down 33% Today?
On the date of publication, William White did not hold (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.
