Balyasny Asset Management L.P. Trims Stock Position in EVgo, Inc. (NASDAQ:EVGO)

Balyasny Asset Management L.P. reduced its stake in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) by 95.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,996 shares of the company's stock after selling 247,492 shares during the period. Balyasny Asset Management L.P.'s holdings in EVgo were worth $49,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets purchased a new position in shares of EVgo during the fourth quarter worth $7,259,000. Alyeska Investment Group L.P. purchased a new stake in shares of EVgo during the fourth quarter worth about $4,050,000. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of EVgo during the fourth quarter worth about $1,599,000. Monashee Investment Management LLC purchased a new stake in shares of EVgo during the fourth quarter worth about $1,984,000. Finally, Soros Fund Management LLC acquired a new position in EVgo during the fourth quarter worth about $2,288,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EVGO has been the topic of several recent analyst reports. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of EVgo in a report on Thursday, May 8th. Roth Capital reissued a "buy" rating on shares of EVgo in a research report on Wednesday, May 7th. Cantor Fitzgerald reissued an "overweight" rating and issued a $8.00 price target on shares of EVgo in a research report on Wednesday, March 5th. Evercore ISI decreased their price target on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research report on Monday, March 31st. Finally, Stifel Nicolaus reduced their price objective on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. One investment 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 stock. According to data from MarketBeat.com, EVgo currently has a consensus rating of "Buy" and an average target price of $6.25.

Insiders Place Their Bets

In other EVgo news, President Dennis G. Kish sold 73,215 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total value of $270,163.35. Following the completion of the transaction, the president now owns 72,269 shares in the company, valued at approximately $266,672.61. This represents a 50.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 58.79% of the stock is currently owned by company insiders.

EVgo Stock Performance

EVGO traded up $0.15 during trading on Friday, hitting $3.84. The stock had a trading volume of 4,945,234 shares, compared to its average volume of 4,427,635. The firm has a market capitalization of $1.18 billion, a P/E ratio of -9.14 and a beta of 2.27. The company's 50-day moving average price is $2.97 and its 200 day moving average price is $3.74. EVgo, Inc. has a twelve month low of $1.92 and a twelve month high of $9.07.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $75.29 million during the quarter, compared to analysts' expectations of $70.11 million. EVgo's revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) EPS. As a group, equities analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

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.