EVgo Inc. $EVGO Shares Acquired by HITE Hedge Asset Management LLC

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 stake 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 SEC. The fund owned 3,348,303 shares of the company's stock after purchasing an additional 2,301,886 shares during the period. HITE Hedge Asset Management LLC owned about 1.09% of EVgo worth $8,906,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Summit Securities Group LLC bought a new position in shares of EVgo during the first quarter worth about $30,000. Merit Financial Group LLC bought a new position in shares of EVgo during the first quarter worth about $31,000. Ballentine Partners LLC bought a new position in shares of EVgo during the first quarter worth about $32,000. Adams Wealth Management bought a new position in shares of EVgo during the first quarter worth about $46,000. Finally, CacheTech Inc. bought a new position in shares of EVgo during the first quarter worth about $46,000. Institutional investors own 17.44% of the company's stock.

Wall Street Analysts Forecast Growth

EVGO has been the topic of several research analyst reports. Morgan Stanley increased their price target on shares of EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. reissued an "overweight" rating on shares of EVgo in a report on Thursday, May 8th. UBS Group raised their target price on shares of EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a report on Wednesday. Finally, Roth Capital reissued a "buy" rating on shares of EVgo in a report on Wednesday, May 7th. Two research 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. Based on data from MarketBeat, EVgo has an average rating of "Buy" and an average price target of $6.24.

EVgo Stock Performance

Shares of NASDAQ:EVGO traded up $0.20 during trading hours on Friday, hitting $4.04. The stock had a trading volume of 4,523,713 shares, compared to its average volume of 4,900,652. The stock's fifty day simple moving average is $3.72 and its 200 day simple moving average is $3.29. EVgo Inc. has a 1-year low of $2.19 and a 1-year high of $9.07. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -9.85 and a beta of 2.33.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.03. The firm 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 business posted ($0.10) EPS. EVgo'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. As a group, research analysts anticipate that EVgo Inc. will post -0.45 EPS for the current year.

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.