Clear Harbor Asset Management LLC Boosts Stock Position in EVgo Inc. $EVGO

Clear Harbor Asset Management LLC grew its holdings in shares of EVgo Inc. (NASDAQ:EVGO) by 84.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,800 shares of the company’s stock after buying an additional 15,000 shares during the period. Clear Harbor Asset Management LLC’s holdings in EVgo were worth $120,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in EVGO. HITE Hedge Asset Management LLC increased its holdings in shares of EVgo by 220.0% in the 1st quarter. HITE Hedge Asset Management LLC now owns 3,348,303 shares of the company’s stock valued at $8,906,000 after acquiring an additional 2,301,886 shares during the last quarter. Nuveen LLC purchased a new position in EVgo in the first quarter valued at approximately $3,833,000. Voloridge Investment Management LLC purchased a new position in EVgo in the fourth quarter valued at approximately $5,682,000. Millennium Management LLC raised its holdings in EVgo by 25.9% during the first quarter. Millennium Management LLC now owns 5,819,392 shares of the company’s stock worth $15,480,000 after purchasing an additional 1,195,470 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of EVgo by 39.4% during the 1st quarter. Invesco Ltd. now owns 1,826,705 shares of the company’s stock worth $4,859,000 after buying an additional 516,382 shares during the last quarter. 17.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. UBS Group upped their target price on shares of EVgo from $5.00 to $5.40 and gave the company a “buy” rating in a report on Wednesday, August 20th. Morgan Stanley boosted their price target on shares of EVgo from $4.00 to $4.50 and gave the company an “equal weight” rating in a research report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.24.

EVgo Trading Down 1.5%

Shares of EVGO opened at $4.52 on Wednesday. The stock’s 50 day moving average is $3.88 and its two-hundred day moving average is $3.49. EVgo Inc. has a twelve month low of $2.19 and a twelve month high of $9.07. The firm has a market capitalization of $1.39 billion, a PE ratio of -11.02 and a beta of 2.33.

EVgo (NASDAQ:EVGO) last issued its earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. The business had revenue of $98.03 million for the quarter, compared to analysts’ expectations of $86.15 million. The business’s quarterly revenue was up 47.1% on a year-over-year basis. During the same period last year, the company posted ($0.10) earnings per share. EVgo has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that EVgo Inc. will post -0.45 EPS for the current 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.