Empyrean Capital Partners LP Invests $608,000 in EVgo, Inc. (NASDAQ:EVGO)

Empyrean Capital Partners LP purchased a new position in EVgo, Inc. (NASDAQ:EVGO - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 150,000 shares of the company's stock, valued at approximately $608,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EVGO. Barclays PLC grew its holdings in shares of EVgo by 280.6% during the third 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 position in shares of EVgo by 714.2% during the third quarter. Tidal Investments LLC now owns 94,541 shares of the company's stock valued at $391,000 after acquiring an additional 82,929 shares during the last quarter. Clear Harbor Asset Management LLC purchased a new stake in shares of EVgo during the fourth quarter valued at approximately $72,000. Rhumbline Advisers raised its position in EVgo by 3.2% in the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company's stock worth $602,000 after acquiring an additional 4,622 shares during the period. Finally, New York State Common Retirement Fund raised its position in EVgo by 70.6% in the fourth quarter. New York State Common Retirement Fund now owns 31,173 shares of the company's stock worth $126,000 after acquiring an additional 12,900 shares during the period. Institutional investors own 17.44% of the company's stock.

EVgo Price Performance

EVgo stock traded up $0.41 during trading hours on Wednesday, reaching $4.05. The stock had a trading volume of 7,968,194 shares, compared to its average volume of 4,392,899. The stock has a market cap of $1.24 billion, a PE ratio of -9.64 and a beta of 2.27. EVgo, Inc. has a 52 week low of $1.92 and a 52 week high of $9.07. The company has a fifty day simple moving average of $2.76 and a 200-day simple moving average of $3.98.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.02. The business had revenue of $75.29 million during the quarter, compared to analysts' expectations of $70.11 million. During the same quarter last year, the business posted ($0.09) EPS. The company's quarterly revenue was up 36.4% compared to the same quarter last year. Research analysts predict that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Stifel Nicolaus lowered their price objective on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of EVgo in a research report on Thursday, May 8th. Evercore ISI reduced their price target on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research report on Monday, March 31st. Roth Capital reaffirmed a "buy" rating on shares of EVgo in a report on Wednesday, May 7th. Finally, UBS Group decreased their target price on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a report on Monday, January 27th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $6.25.

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.