HITE Hedge Asset Management LLC Buys 2,301,886 Shares of EVgo Inc. $EVGO

Key Points

• HITE Hedge Asset Management LLC increased its stake in EVgo Inc. by 220%, acquiring an additional 2,301,886 shares for a total of 3,348,303 shares, valued at about $8.9 million.
• Analysts generally have a positive view of EVgo, with a current average rating of "Buy" and an average price target of $6.19.
• EVgo's recent quarterly earnings showed a revenue increase of 47.1% year over year, surpassing analyst expectations with reported earnings of $98.03 million.

HITE Hedge Asset Management LLC lifted its holdings in shares of EVgo Inc. (NASDAQ:EVGO - Free Report) by 220.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,348,303 shares of the company's stock after buying an additional 2,301,886 shares during the period. HITE Hedge Asset Management LLC owned approximately 1.09% of EVgo worth $8,906,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of EVgo by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 2,432,183 shares of the company's stock worth $9,853,000 after buying an additional 12,320 shares in the last quarter. Legal & General Group Plc increased its stake in EVgo by 1,081.4% during the 4th quarter. Legal & General Group Plc now owns 103,681 shares of the company's stock valued at $420,000 after purchasing an additional 94,905 shares in the last quarter. Renaissance Technologies LLC lifted its position in EVgo by 5,576.8% during the fourth quarter. Renaissance Technologies LLC now owns 669,861 shares of the company's stock valued at $2,713,000 after purchasing an additional 658,061 shares during the period. Raymond James Financial Inc. acquired a new stake in EVgo during the fourth quarter valued at $80,000. Finally, Barclays PLC grew its position in shares of EVgo by 138.0% in the fourth quarter. Barclays PLC now owns 316,538 shares of the company's stock valued at $1,282,000 after purchasing an additional 183,557 shares during the period. 17.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

EVgo Price Performance

EVGO stock opened at $3.81 on Monday. The stock's fifty day moving average price is $3.75 and its 200-day moving average price is $3.27. The company has a market cap of $1.17 billion, a P/E ratio of -9.29 and a beta of 2.33. EVgo Inc. has a 1 year low of $2.19 and a 1 year high of $9.07.

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. During the same quarter in the prior year, the business posted ($0.10) EPS. The company's revenue was up 47.1% on a year-over-year basis. As a group, analysts expect that EVgo Inc. will post -0.45 earnings per share for the current year.

Insider Activity

In other news, President Dennis G. Kish sold 73,215 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total transaction of $270,163.35. Following the completion of the sale, the president owned 72,269 shares in the company, valued at $266,672.61. This trade represents a 50.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 58.79% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.