Federated Hermes Inc. Invests $856,000 in EVgo Inc. (NASDAQ:EVGO)

Key Points

• Federated Hermes Inc. acquired 321,823 shares of EVgo Inc., valued at approximately $856,000, establishing a new position in the company.
• Insider trading was noted as EVgo's President, Dennis G. Kish, sold 73,215 shares, reducing his ownership by over 50%.
• Analysts have set a consensus price target of $6.19 for EVgo stock, with a majority rating it as a "Buy."

Federated Hermes Inc. purchased a new position in shares of EVgo Inc. (NASDAQ:EVGO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 321,823 shares of the company's stock, valued at approximately $856,000. Federated Hermes Inc. owned 0.11% of EVgo as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of EVGO. Vanguard Group Inc. raised its stake in shares of EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after acquiring an additional 2,043,449 shares in the last quarter. D. E. Shaw & Co. Inc. raised its stake in shares of EVgo by 175.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock valued at $20,046,000 after acquiring an additional 3,153,073 shares in the last quarter. Millennium Management LLC raised its stake in shares of EVgo by 394.4% in the fourth quarter. Millennium Management LLC now owns 4,623,922 shares of the company's stock valued at $18,727,000 after acquiring an additional 3,688,614 shares in the last quarter. SIR Capital Management L.P. raised its stake in shares of EVgo by 326.3% in the fourth quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company's stock valued at $14,311,000 after acquiring an additional 2,704,662 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in shares of EVgo by 52.6% in the fourth quarter. Marshall Wace LLP now owns 3,429,931 shares of the company's stock valued at $13,891,000 after acquiring an additional 1,182,431 shares in the last quarter. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

EVgo Price Performance

Shares of EVgo stock traded up $0.04 during trading hours on Tuesday, hitting $3.60. The company had a trading volume of 955,222 shares, compared to its average volume of 4,486,335. The company's 50-day moving average is $3.75 and its two-hundred day moving average is $3.26. EVgo Inc. has a twelve month low of $2.19 and a twelve month high of $9.07. The company has a market cap of $1.11 billion, a P/E ratio of -8.78 and a beta of 2.33.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.03. The company had revenue of $98.03 million during the quarter, compared to analyst estimates of $86.15 million. During the same quarter in the previous year, the company posted ($0.10) EPS. The company's quarterly revenue was up 47.1% on a year-over-year basis. Sell-side analysts expect that EVgo Inc. will post -0.45 EPS for the current year.

Insider Activity at EVgo

In other news, President Dennis G. Kish sold 73,215 shares of EVgo stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $3.69, for a total transaction of $270,163.35. Following the sale, the president owned 72,269 shares in the company, valued at approximately $266,672.61. The trade was a 50.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 58.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Morgan Stanley increased their price objective on EVgo from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Finally, Roth Capital reiterated a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $6.19.

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.