EVgo Inc. $EVGO Stake Increased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC lifted its holdings in shares of EVgo Inc. (NASDAQ:EVGO) by 220.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 3,348,303 shares of the company’s stock after acquiring an additional 2,301,886 shares during the period. HITE Hedge Asset Management LLC’s holdings in EVgo were worth $8,906,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in shares of EVgo by 5.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 86,588 shares of the company’s stock worth $351,000 after acquiring an additional 4,597 shares in the last quarter. Arizona State Retirement System increased its position in shares of EVgo by 20.1% in the first quarter. Arizona State Retirement System now owns 35,481 shares of the company’s stock worth $94,000 after purchasing an additional 5,945 shares during the period. Paloma Partners Management Co lifted its position in EVgo by 25.0% during the fourth quarter. Paloma Partners Management Co now owns 30,000 shares of the company’s stock worth $122,000 after purchasing an additional 5,993 shares during the period. Cetera Investment Advisers lifted its stake in EVgo by 49.3% in the 4th quarter. Cetera Investment Advisers now owns 20,888 shares of the company’s stock valued at $85,000 after purchasing an additional 6,900 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of EVgo by 14.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 63,456 shares of the company’s stock worth $257,000 after purchasing an additional 8,144 shares during the last quarter. Institutional investors own 17.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on EVGO. Roth Capital reiterated a “buy” rating on shares of EVgo in a report on Wednesday, May 7th. JPMorgan Chase & Co. restated an “overweight” rating on shares of EVgo in a research note on Thursday, May 8th. Finally, Morgan Stanley lifted their target price on shares of EVgo from $4.00 to $4.50 and gave the stock an “equal weight” rating in a research report on Wednesday, August 6th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, EVgo currently has a consensus rating of “Buy” and a consensus target price of $6.19.

Insider Buying and Selling

In other EVgo news, President Dennis G. Kish sold 73,215 shares of the company’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total value of $270,163.35. Following the transaction, the president directly owned 72,269 shares in the company, valued at approximately $266,672.61. This represents a 50.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 58.79% of the company’s stock.

EVgo Price Performance

EVgo stock opened at $3.81 on Monday. The firm has a 50 day simple moving average of $3.75 and a 200-day simple moving average of $3.27. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -9.29 and a beta of 2.33. EVgo Inc. has a 1-year low of $2.19 and a 1-year high of $9.07.

EVgo (NASDAQ:EVGO) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.03. The firm had revenue of $98.03 million for the quarter, compared to analysts’ expectations of $86.15 million. EVgo’s revenue for the quarter was up 47.1% on a year-over-year basis. During the same period last year, the firm posted ($0.10) earnings per share. Equities analysts expect that EVgo Inc. will post -0.45 earnings per share for the current fiscal year.

About EVgo

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.