Goldman Sachs Group Inc. Sells 471,966 Shares of EVgo Inc. $EVGO

Key Points

• Goldman Sachs Group Inc. reduced its stake in EVgo Inc. by 16.8%, owning 2,344,956 shares valued at $6.24 million after selling 471,966 shares during the quarter.
• EVgo reported a revenue of $98.03 million for the quarter, exceeding estimates and showing a 47.1% year-over-year increase.
• Several institutional investors increased their positions in EVgo, contributing to 17.44% of the stock being held by institutional investors and hedge funds.

Goldman Sachs Group Inc. decreased its holdings in shares of EVgo Inc. (NASDAQ:EVGO - Free Report) by 16.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,344,956 shares of the company's stock after selling 471,966 shares during the period. Goldman Sachs Group Inc. owned 0.76% of EVgo worth $6,238,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in shares of EVgo in the 1st quarter worth approximately $30,000. Merit Financial Group LLC purchased a new stake in shares of EVgo in the 1st quarter worth approximately $31,000. Ballentine Partners LLC purchased a new stake in shares of EVgo in the 1st quarter worth approximately $32,000. Hsbc Holdings PLC purchased a new stake in shares of EVgo in the 1st quarter worth approximately $38,000. Finally, Adams Wealth Management purchased a new stake in shares of EVgo in the 1st quarter worth approximately $46,000. Hedge funds and other institutional investors own 17.44% of the company's stock.

EVgo Stock Down 2.8%

EVgo stock traded down $0.13 during midday trading on Friday, reaching $4.52. 1,772,122 shares of the stock traded hands, compared to its average volume of 4,375,320. The stock's fifty day moving average is $3.81 and its 200-day moving average is $3.44. EVgo Inc. has a 12 month low of $2.19 and a 12 month high of $9.07. The stock has a market cap of $1.39 billion, a P/E ratio of -11.02 and a beta of 2.34.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.03. The company had revenue of $98.03 million during the quarter, compared to analysts' expectations of $86.15 million. The company's revenue was up 47.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.10) EPS. EVgo has set its FY 2025 guidance at EPS. On average, equities analysts predict that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Analyst Ratings Changes

EVGO has been the topic of several recent research reports. Morgan Stanley upped their price target on EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. UBS Group upped their price target on EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $6.24.

About EVgo

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.