HITE Hedge Asset Management LLC Has $4.24 Million Stake in EVgo, Inc. (NASDAQ:EVGO)

HITE Hedge Asset Management LLC grew its position in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) by 152.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,046,417 shares of the company's stock after purchasing an additional 632,511 shares during the quarter. HITE Hedge Asset Management LLC owned 0.35% of EVgo worth $4,238,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp lifted its holdings in EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company's stock valued at $17,358,000 after acquiring an additional 847,777 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after buying an additional 2,043,449 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of EVgo during the 4th quarter valued at $523,000. Geode Capital Management LLC grew its holdings in shares of EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company's stock worth $10,020,000 after acquiring an additional 90,887 shares during the last quarter. Finally, Crescent Park Management L.P. purchased a new stake in shares of EVgo during the fourth quarter valued at $377,000. Institutional investors own 17.44% of the company's stock.

Insider Activity at EVgo

In other news, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 58.79% of the company's stock.

EVgo Stock Performance

EVgo stock remained flat at $2.53 during mid-day trading on Friday. 1,765,701 shares of the company's stock traded hands, compared to its average volume of 4,322,105. EVgo, Inc. has a 52-week low of $1.65 and a 52-week high of $9.07. The business has a fifty day moving average price of $2.67 and a 200 day moving average price of $4.51. The firm has a market capitalization of $775.00 million, a PE ratio of -6.02 and a beta of 2.28.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates of ($0.15) by $0.04. The firm had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. Analysts expect that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on EVGO shares. JPMorgan Chase & Co. reduced their price objective on shares of EVgo from $6.00 to $5.00 and set an "overweight" rating for the company in a research note on Wednesday, March 12th. Evercore ISI decreased their target price on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research report on Monday, March 31st. UBS Group lowered their target price on EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Monday, January 27th. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a report on Wednesday, March 5th. Finally, Stifel Nicolaus decreased their price target on shares of EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $5.78.

EVgo Profile

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.