EVgo Inc. $EVGO Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its EVgo stake by 76.6% in the first quarter, selling 1.87 million shares and retaining 571,278 shares worth approximately $983,000. Institutional investors collectively own 17.44% of EVgo.
• Analyst sentiment is mixed, with five Buy ratings, one Hold, and two Sell ratings. EVgo has a consensus rating of Hold and an average price target of $3.65.
• EVgo shares opened at $1.51, while the company reported a quarterly loss of $0.15 per share—better than estimates—but revenue fell 15.7% year over year to $82.65 million.

Bank of America Corp DE cut its holdings in EVgo Inc. (NASDAQ:EVGO - Free Report) by 76.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 571,278 shares of the company's stock after selling 1,868,615 shares during the quarter. Bank of America Corp DE owned about 0.18% of EVgo worth $983,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Quarry LP raised its position in shares of EVgo by 145.0% in the 4th quarter. Quarry LP now owns 9,307 shares of the company's stock valued at $27,000 after purchasing an additional 5,508 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in EVgo during the 4th quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd increased its stake in EVgo by 4,903.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 9,856 shares of the company's stock valued at $29,000 after purchasing an additional 9,659 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of EVgo in the fourth quarter worth $32,000. Finally, Sage Investment Advisers LLC purchased a new position in shares of EVgo in the fourth quarter worth $36,000. Hedge funds and other institutional investors own 17.44% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a "sell (e+)" rating on shares of EVgo in a report on Wednesday, July 15th. Wall Street Zen lowered EVgo from a "sell" rating to a "strong sell" rating in a research note on Saturday, May 9th. Morgan Stanley set a $2.50 price target on EVgo in a research report on Thursday, August 6th. Stifel Nicolaus dropped their price target on EVgo from $7.00 to $6.00 and set a "buy" rating on the stock in a research note on Tuesday, August 25th. Finally, Cantor Fitzgerald cut their price objective on EVgo from $4.00 to $3.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $3.65.

EVgo Stock Up 4.9%

EVGO stock opened at $1.51 on Friday. The firm's fifty day moving average is $1.62 and its 200 day moving average is $1.94. The firm has a market cap of $474.92 million, a PE ratio of -3.77 and a beta of 2.84. EVgo Inc. has a one year low of $1.23 and a one year high of $5.18. The company has a debt-to-equity ratio of 5.39, a quick ratio of 2.19 and a current ratio of 2.19.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.03. The business had revenue of $82.65 million during the quarter. The firm's quarterly revenue was down 15.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) EPS. On average, research analysts forecast that EVgo Inc. will post -0.51 EPS for the current year.

EVgo Profile

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.

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