EVgo, Inc. (NYSE:EVGO) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. cut its stake in EVgo, Inc. (NYSE:EVGO - Free Report) by 77.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 161,576 shares of the company's stock after selling 552,131 shares during the period. Point72 Asset Management L.P. owned 0.05% of EVgo worth $669,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Marshall Wace LLP grew its stake in EVgo by 66.4% during the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company's stock valued at $4,002,000 after purchasing an additional 651,475 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in EVgo in the third quarter valued at approximately $51,000. SIR Capital Management L.P. increased its holdings in EVgo by 76.9% in the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company's stock worth $2,349,000 after buying an additional 416,800 shares during the period. HITE Hedge Asset Management LLC purchased a new position in EVgo during the 2nd quarter worth approximately $495,000. Finally, Verition Fund Management LLC acquired a new stake in EVgo during the 3rd quarter valued at approximately $653,000. Hedge funds and other institutional investors own 17.44% of the company's stock.

Insiders Place Their Bets

In other news, CEO Badar Khan sold 166,725 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the sale, the chief executive officer now directly owns 348,761 shares in the company, valued at $1,792,631.54. This represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 66.96% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

EVGO has been the subject of several recent research reports. UBS Group raised shares of EVgo from a "neutral" rating to a "buy" rating and raised their target price for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. TD Cowen upgraded EVgo from a "hold" rating to a "buy" rating and lifted their price objective for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $5.00 target price on shares of EVgo in a report on Monday, September 30th. Capital One Financial raised EVgo to a "strong-buy" rating in a report on Monday, September 16th. Finally, Needham & Company LLC restated a "hold" rating on shares of EVgo in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, EVgo has a consensus rating of "Buy" and a consensus price target of $6.61.

EVgo Stock Performance

Shares of NYSE:EVGO traded down $0.25 during midday trading on Thursday, reaching $6.22. 5,445,015 shares of the company's stock traded hands, compared to its average volume of 4,627,130. The company has a fifty day simple moving average of $6.88 and a two-hundred day simple moving average of $4.60. EVgo, Inc. has a 1 year low of $1.65 and a 1 year high of $9.07. The company has a market cap of $1.89 billion, a P/E ratio of -14.81 and a beta of 2.24.

EVgo (NYSE:EVGO - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. The firm's quarterly revenue was up 92.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) earnings per share. As a group, research analysts forecast that EVgo, Inc. will post -0.41 EPS for the current fiscal year.

EVgo Company 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.