HITE Hedge Asset Management LLC Sells 1,322,364 Shares of EVgo Inc. $EVGO

HITE Hedge Asset Management LLC lowered its stake in shares of EVgo Inc. (NASDAQ:EVGO) by 44.9% during the fourth quarter, Holdings Channel reports. The fund owned 1,624,427 shares of the company’s stock after selling 1,322,364 shares during the period. HITE Hedge Asset Management LLC’s holdings in EVgo were worth $4,727,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in EVGO. AQR Capital Management LLC lifted its position in EVgo by 1,188.1% during the 1st quarter. AQR Capital Management LLC now owns 494,598 shares of the company’s stock valued at $1,316,000 after purchasing an additional 456,201 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in EVgo by 31.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,339 shares of the company’s stock valued at $222,000 after purchasing an additional 19,883 shares during the period. Millennium Management LLC lifted its position in EVgo by 25.9% during the 1st quarter. Millennium Management LLC now owns 5,819,392 shares of the company’s stock valued at $15,480,000 after purchasing an additional 1,195,470 shares during the period. Creative Planning lifted its position in EVgo by 56.4% during the 2nd quarter. Creative Planning now owns 44,353 shares of the company’s stock valued at $162,000 after purchasing an additional 16,000 shares during the period. Finally, Cetera Investment Advisers lifted its position in EVgo by 53.0% during the 2nd quarter. Cetera Investment Advisers now owns 43,183 shares of the company’s stock valued at $158,000 after purchasing an additional 14,958 shares during the period. Institutional investors own 17.44% of the company’s stock.

EVgo Stock Performance

EVgo stock opened at $2.00 on Friday. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 5.39. The company has a market cap of $627.72 million, a PE ratio of -5.71 and a beta of 2.80. The company’s 50-day moving average is $2.03 and its two-hundred day moving average is $2.54. EVgo Inc. has a 1 year low of $1.64 and a 1 year high of $5.18.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. The company had revenue of $109.53 million during the quarter. EVgo’s revenue was up 45.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) earnings per share. Equities analysts anticipate that EVgo Inc. will post -0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on EVGO shares. JPMorgan Chase & Co. restated a “neutral” rating on shares of EVgo in a research report on Wednesday, March 25th. Benchmark restated a “buy” rating on shares of EVgo in a research report on Monday, March 2nd. Wall Street Zen downgraded shares of EVgo from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 9th. Cantor Fitzgerald cut their target price on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 4th. Finally, Royal Bank Of Canada cut their target price on shares of EVgo from $4.50 to $3.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, EVgo presently has a consensus rating of “Hold” and a consensus price target of $5.28.

About EVgo

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.