Renaissance Technologies LLC Raises Holdings in EVgo, Inc. (NASDAQ:EVGO)

Renaissance Technologies LLC lifted its holdings in EVgo, Inc. (NASDAQ:EVGO - Free Report) by 5,576.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 669,861 shares of the company's stock after acquiring an additional 658,061 shares during the period. Renaissance Technologies LLC owned 0.22% of EVgo worth $2,713,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. SCP Investment LP bought a new position in EVgo in the 4th quarter worth approximately $60,000. Clear Harbor Asset Management LLC bought a new position in shares of EVgo during the fourth quarter worth $72,000. Polymer Capital Management US LLC purchased a new position in EVgo during the fourth quarter valued at $73,000. Raymond James Financial Inc. bought a new stake in EVgo in the 4th quarter valued at $80,000. Finally, Virtu Financial LLC purchased a new stake in EVgo in the 4th quarter worth $99,000. Hedge funds and other institutional investors own 17.44% of the company's stock.

EVgo Stock Up 3.3 %

EVgo stock traded up $0.09 during midday trading on Monday, reaching $2.82. The stock had a trading volume of 2,123,509 shares, compared to its average volume of 4,168,997. The firm has a market cap of $863.83 million, a price-to-earnings ratio of -6.71 and a beta of 2.28. EVgo, Inc. has a 52-week low of $1.73 and a 52-week high of $9.07. The company has a fifty day moving average of $2.63 and a 200 day moving average of $4.36.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.04. The business had revenue of $67.51 million during the quarter, compared to analysts' expectations of $69.49 million. Equities research 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 business's stock in a transaction dated Monday, February 3rd. The shares were 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 directly owns 95,986 shares of the company's stock, valued at $327,312.26. The trade was a 31.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 58.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on EVGO shares. Needham & Company LLC restated a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price objective on EVgo from $6.00 to $5.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 12th. Stifel Nicolaus lowered their target price on EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Cantor Fitzgerald restated an "overweight" rating and issued a $8.00 price target on shares of EVgo in a research report on Wednesday, March 5th. Finally, UBS Group decreased their price target on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Monday, January 27th. Two 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's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $5.78.

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.