Ieq Capital LLC Takes Position in EVgo Inc. $EVGO

Key Points

• Ieq Capital LLC invested approximately $226,000 in EVgo Inc., acquiring 85,017 shares of the company's stock in the first quarter.
• Several institutional investors, including D. E. Shaw & Co. and Millennium Management, significantly increased their stakes in EVgo during the fourth quarter, reflecting growing interest in the company's performance.
• EVgo's recent quarterly earnings exceeded expectations, reporting a revenue increase of 47.1% year-over-year, with earnings per share at ($0.10) compared to analyst estimates of ($0.13).

Ieq Capital LLC purchased a new position in EVgo Inc. (NASDAQ:EVGO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 85,017 shares of the company's stock, valued at approximately $226,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Summit Securities Group LLC bought a new position in shares of EVgo in the first quarter worth about $30,000. Merit Financial Group LLC bought a new position in shares of EVgo in the first quarter worth about $31,000. Ballentine Partners LLC bought a new position in shares of EVgo in the first quarter worth about $32,000. Hsbc Holdings PLC bought a new position in shares of EVgo in the first quarter worth about $38,000. Finally, Adams Wealth Management bought a new position in shares of EVgo in the first quarter worth about $46,000. Hedge funds and other institutional investors own 17.44% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on EVGO. UBS Group upped their price objective on EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Morgan Stanley upped their price objective on EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $6.24.

EVgo Stock Up 4.3%

EVgo stock traded up $0.17 during midday trading on Friday, reaching $4.11. 4,122,064 shares of the stock traded hands, compared to its average volume of 3,194,689. The stock's fifty day moving average is $3.73 and its 200-day moving average is $3.39. 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 $1.26 billion, a P/E ratio of -10.02 and a beta of 2.34.

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 analysts' consensus estimates of ($0.13) by $0.03. The firm had revenue of $98.03 million for the quarter, compared to the consensus estimate of $86.15 million. During the same period in the previous year, the company posted ($0.10) earnings per share. EVgo's quarterly revenue was up 47.1% on a year-over-year basis. 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.

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.