HITE Hedge Asset Management LLC Increases Stock Holdings in EVgo, Inc. (NYSE:EVGO)

HITE Hedge Asset Management LLC boosted its position in shares of EVgo, Inc. (NYSE:EVGO) by 105.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 413,906 shares of the company’s stock after buying an additional 212,004 shares during the period. HITE Hedge Asset Management LLC’s holdings in EVgo were worth $1,714,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Point72 Asset Management L.P. bought a new position in EVgo during the 2nd quarter valued at $1,749,000. Marshall Wace LLP raised its stake in shares of EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after acquiring an additional 651,475 shares during the last quarter. SIR Capital Management L.P. grew its holdings in EVgo by 76.9% during the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock worth $2,349,000 after acquiring an additional 416,800 shares during the period. Squarepoint Ops LLC acquired a new position in EVgo in the 2nd quarter worth $495,000. Finally, Verition Fund Management LLC bought a new stake in shares of EVgo in the 3rd quarter valued at about $653,000. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Stifel Nicolaus lifted their price target on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Wednesday, November 13th. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Capital One Financial raised EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Finally, TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and raised their price objective for the stock from $5.00 to $7.00 in a research report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.61.

Insider Buying and Selling at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $5.14, for a total transaction of $856,966.50. Following the sale, the chief executive officer now directly owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 66.96% of the stock is currently owned by corporate insiders.

EVgo Stock Performance

EVgo stock opened at $6.51 on Tuesday. EVgo, Inc. has a 1 year low of $1.65 and a 1 year high of $9.07. The business has a 50-day moving average of $6.50 and a 200-day moving average of $4.37.

EVgo (NYSE:EVGO) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The firm had revenue of $67.50 million during the quarter, compared to the consensus estimate of $66.52 million. EVgo’s revenue was up 92.3% compared to the same quarter last year. During the same period last year, the business earned ($0.09) EPS. On average, analysts anticipate that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

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.