SIR Capital Management L.P. Purchases 2,704,662 Shares of EVgo, Inc. (NASDAQ:EVGO)

SIR Capital Management L.P. grew its stake in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) by 326.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,533,645 shares of the company's stock after purchasing an additional 2,704,662 shares during the period. EVgo comprises approximately 1.5% of SIR Capital Management L.P.'s portfolio, making the stock its 26th biggest position. SIR Capital Management L.P. owned about 1.17% of EVgo worth $14,311,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of EVGO. Mariner LLC bought a new position in EVgo in the 4th quarter worth about $48,000. FORA Capital LLC purchased a new position in shares of EVgo in the 4th quarter worth about $56,000. SCP Investment LP bought a new position in EVgo during the fourth quarter valued at approximately $60,000. Clear Harbor Asset Management LLC bought a new stake in shares of EVgo in the 4th quarter valued at about $72,000. Finally, Polymer Capital Management US LLC bought a new position in shares of EVgo in the fourth quarter worth approximately $73,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on EVGO shares. UBS Group dropped their price target on shares of EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a research report on Monday, January 27th. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research note on Wednesday, March 5th. Evercore ISI decreased their price objective on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a report on Monday, March 31st. Stifel Nicolaus reduced their price target 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. Finally, JPMorgan Chase & Co. restated an "overweight" rating on shares of EVgo in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $6.25.

EVgo Stock Down 3.4%

Shares of EVgo stock traded down $0.13 during trading hours on Monday, reaching $3.72. 3,089,238 shares of the stock traded hands, compared to its average volume of 4,420,969. EVgo, Inc. has a one year low of $1.92 and a one year high of $9.07. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -8.86 and a beta of 2.27. The company has a 50 day moving average price of $2.85 and a 200 day moving average price of $3.86.

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