Graham Capital Management L.P. Raises Holdings in EVgo Inc. $EVGO

Key Points

• Graham Capital Management L.P. increased its stake in EVgo by 455.9% during Q1, owning 565,574 shares valued at $1.50 million.
• EVgo's stock opened at $3.84 and has a market capitalization of $1.18 billion, having seen a 47.1% increase in revenue year-over-year.
• Several institutional investors have significantly increased their holdings in EVgo, notably D. E. Shaw & Co. and Millennium Management with 175.5% and 394.4% increases, respectively.

Graham Capital Management L.P. increased its position in EVgo Inc. (NASDAQ:EVGO - Free Report) by 455.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 565,574 shares of the company's stock after acquiring an additional 463,826 shares during the period. Graham Capital Management L.P. owned approximately 0.18% of EVgo worth $1,504,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Ieq Capital LLC acquired a new stake in shares of EVgo in the 1st quarter worth approximately $226,000. Corebridge Financial Inc. lifted its stake in EVgo by 21.3% in the 1st quarter. Corebridge Financial Inc. now owns 60,748 shares of the company's stock valued at $162,000 after buying an additional 10,674 shares in the last quarter. MetLife Investment Management LLC lifted its stake in EVgo by 39.1% in the 1st quarter. MetLife Investment Management LLC now owns 75,907 shares of the company's stock valued at $202,000 after buying an additional 21,346 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in EVgo in the 1st quarter valued at approximately $38,000. Finally, HITE Hedge Asset Management LLC lifted its stake in EVgo by 220.0% in the 1st quarter. HITE Hedge Asset Management LLC now owns 3,348,303 shares of the company's stock valued at $8,906,000 after buying an additional 2,301,886 shares in the last quarter. Institutional investors and hedge funds own 17.44% of the company's stock.

Wall Street Analysts Forecast Growth

EVGO has been the topic of a number of recent research reports. UBS Group upped their target price on EVgo from $5.00 to $5.40 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Morgan Stanley upped their target price on EVgo from $4.00 to $4.50 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $6.24.

EVgo Trading Up 4.0%

Shares of EVgo stock traded up $0.15 during trading hours on Friday, reaching $3.93. 2,832,726 shares of the company's stock were exchanged, compared to its average volume of 3,601,379. EVgo Inc. has a 52-week low of $2.19 and a 52-week high of $9.07. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -9.59 and a beta of 2.34. The company has a fifty day moving average of $3.69 and a 200-day moving average of $3.35.

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

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.