Empyrean Capital Partners LP Takes Position in EVgo, Inc. (NASDAQ:EVGO)

Empyrean Capital Partners LP acquired a new stake in shares of EVgo, Inc. (NASDAQ:EVGO) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 150,000 shares of the company’s stock, valued at approximately $608,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Barclays PLC raised its stake in shares of EVgo by 280.6% during the 3rd quarter. Barclays PLC now owns 132,981 shares of the company’s stock valued at $551,000 after buying an additional 98,041 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of EVgo by 714.2% during the 3rd quarter. Tidal Investments LLC now owns 94,541 shares of the company’s stock valued at $391,000 after purchasing an additional 82,929 shares in the last quarter. Clear Harbor Asset Management LLC acquired a new position in shares of EVgo in the 4th quarter valued at $72,000. Rhumbline Advisers boosted its holdings in EVgo by 3.2% during the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company’s stock worth $602,000 after buying an additional 4,622 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of EVgo by 70.6% during the 4th quarter. New York State Common Retirement Fund now owns 31,173 shares of the company’s stock valued at $126,000 after acquiring an additional 12,900 shares during the period. 17.44% of the stock is currently owned by institutional investors and hedge funds.

EVgo Stock Performance

Shares of EVGO opened at $3.84 on Friday. EVgo, Inc. has a 1 year low of $1.78 and a 1 year high of $9.07. The stock has a market capitalization of $1.18 billion, a PE ratio of -9.14 and a beta of 2.27. The stock has a 50-day simple moving average of $2.69 and a 200-day simple moving average of $4.11.

EVgo (NASDAQ:EVGO) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. The firm had revenue of $75.29 million for the quarter, compared to analyst estimates of $70.11 million. The company’s revenue was up 36.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) EPS. Analysts predict that EVgo, Inc. will post -0.45 EPS for the current year.

Wall Street Analyst Weigh In

EVGO has been the subject of a number of research analyst reports. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 target price on shares of EVgo in a report on Wednesday, March 5th. Evercore ISI lowered their price target on shares of EVgo from $7.00 to $4.00 and set an “outperform” rating on the stock in a research report on Monday, March 31st. Stifel Nicolaus lowered their target price on EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Finally, Roth Capital reaffirmed a “buy” rating on shares of EVgo in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target 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.