Vanguard Group Inc. increased its stake in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) by 20.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,200,949 shares of the company's stock after acquiring an additional 2,043,449 shares during the quarter. Vanguard Group Inc. owned about 4.02% of EVgo worth $49,414,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Clear Harbor Asset Management LLC purchased a new position in EVgo during the 4th quarter valued at approximately $72,000. Raymond James Financial Inc. purchased a new stake in EVgo during the fourth quarter valued at $80,000. Virtu Financial LLC bought a new position in EVgo during the fourth quarter valued at $99,000. Fox Run Management L.L.C. bought a new stake in shares of EVgo in the 4th quarter worth about $101,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of EVgo during the 4th quarter valued at about $102,000. 17.44% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on EVGO. UBS Group decreased their price objective on EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. Evercore ISI dropped their price objective on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research note on Monday, March 31st. JPMorgan Chase & Co. lowered their target price on shares of EVgo from $6.00 to $5.00 and set an "overweight" rating for the company in a report on Wednesday, March 12th. Cantor Fitzgerald reiterated an "overweight" rating and set a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. Finally, Needham & Company LLC reissued a "hold" rating on shares of EVgo in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $5.78.
Read Our Latest Stock Analysis on EVgo
EVgo Stock Performance
EVgo stock traded down $0.02 during mid-day trading on Wednesday, reaching $2.53. 1,415,653 shares of the company were exchanged, compared to its average volume of 4,343,584. EVgo, Inc. has a 12-month low of $1.65 and a 12-month high of $9.07. The business has a fifty day moving average of $2.69 and a 200 day moving average of $4.55. The firm has a market cap of $775.00 million, a P/E ratio of -6.02 and a beta of 2.28.
EVgo (NASDAQ:EVGO - Get Free Report) last issued its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million for the quarter, compared to the consensus estimate of $69.49 million. Sell-side analysts predict that EVgo, Inc. will post -0.45 EPS for the current year.
Insider Transactions at EVgo
In other EVgo news, President Dennis G. Kish sold 44,184 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the sale, the president now owns 95,986 shares of the company's stock, valued at approximately $327,312.26. This trade represents a 31.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 66.96% of the company's stock.
EVgo Profile
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Free Report)
EVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.
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