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

Empyrean Capital Partners LP acquired a new stake in EVgo, Inc. (NASDAQ:EVGO - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 150,000 shares of the company's stock, valued at approximately $608,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EVGO. Vanguard Group Inc. increased its stake in shares of EVgo by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after purchasing an additional 2,043,449 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in EVgo by 93.4% during the 4th quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock worth $4,915,000 after buying an additional 586,108 shares during the period. Quantbot Technologies LP acquired a new position in shares of EVgo in the 4th quarter valued at about $523,000. Geode Capital Management LLC lifted its stake in shares of EVgo by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 2,432,183 shares of the company's stock valued at $9,853,000 after purchasing an additional 12,320 shares during the period. Finally, Crescent Park Management L.P. bought a new stake in EVgo in the 4th quarter valued at about $377,000. 17.44% of the stock is owned by institutional investors and hedge funds.

EVgo Trading Down 4.4%

Shares of NASDAQ:EVGO traded down $0.17 on Friday, reaching $3.66. 5,720,901 shares of the company traded hands, compared to its average volume of 4,354,259. The business's 50-day simple moving average is $2.71 and its 200 day simple moving average is $4.02. EVgo, Inc. has a 52 week low of $1.80 and a 52 week high of $9.07. The stock has a market capitalization of $1.12 billion, a P/E ratio of -8.71 and a beta of 2.27.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.09) earnings per share (EPS) 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 the consensus estimate of $70.11 million. The firm's revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) earnings per share. Sell-side analysts expect that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

EVGO has been the subject of a number of recent research reports. JPMorgan Chase & Co. reissued an "overweight" rating on shares of EVgo in a report on Thursday. Cantor Fitzgerald reissued an "overweight" rating and set a $8.00 price objective on shares of EVgo in a report on Wednesday, March 5th. Stifel Nicolaus dropped their target price on EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Roth Capital restated a "buy" rating on shares of EVgo in a research report on Wednesday. Finally, UBS Group lowered their price objective on EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $6.25.

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.