Nuveen LLC Takes Position in EVgo Inc. $EVGO

Key Points

• Nuveen LLC has invested approximately $3.83 million in EVgo Inc. by acquiring 1,440,850 shares, giving it a 0.47% stake in the company.
• Analysts have set new price targets for EVgo, with Morgan Stanley increasing its target from $4.00 to $4.50 and UBS Group raising it to $5.40, reflecting a generally positive outlook with an average rating of "Buy."
• EVgo reported a revenue increase of 47.1% year-over-year, achieving $98.03 million in revenue while exceeding analysts' expectations for earnings with a reported EPS of ($0.10).

Nuveen LLC purchased a new stake in EVgo Inc. (NASDAQ:EVGO - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,440,850 shares of the company's stock, valued at approximately $3,833,000. Nuveen LLC owned 0.47% of EVgo as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the business. D. E. Shaw & Co. Inc. increased its stake in EVgo by 175.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,949,622 shares of the company's stock worth $20,046,000 after buying an additional 3,153,073 shares during the period. Millennium Management LLC increased its stake in EVgo by 394.4% during the 4th quarter. Millennium Management LLC now owns 4,623,922 shares of the company's stock worth $18,727,000 after buying an additional 3,688,614 shares during the period. SIR Capital Management L.P. increased its stake in EVgo by 326.3% during the 4th quarter. SIR Capital Management L.P. now owns 3,533,645 shares of the company's stock worth $14,311,000 after buying an additional 2,704,662 shares during the period. Two Sigma Investments LP increased its stake in EVgo by 296.4% during the 4th quarter. Two Sigma Investments LP now owns 2,720,342 shares of the company's stock worth $11,017,000 after buying an additional 2,034,045 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in EVgo by 8.8% during the 4th quarter. Nuveen Asset Management LLC now owns 2,629,785 shares of the company's stock worth $10,651,000 after buying an additional 211,820 shares during the period. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Stock Down 0.8%

NASDAQ EVGO traded down $0.03 on Tuesday, hitting $3.84. 2,463,156 shares of the stock were exchanged, compared to its average volume of 4,507,671. EVgo Inc. has a fifty-two week low of $2.19 and a fifty-two week high of $9.07. The company has a market cap of $1.18 billion, a PE ratio of -9.37 and a beta of 2.34. The company has a 50-day moving average price of $3.69 and a 200-day moving average price of $3.34.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.03. The company 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 company posted ($0.10) EPS. The company's quarterly revenue was up 47.1% on a year-over-year basis. EVgo has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Morgan Stanley upped their target price on shares of EVgo from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Roth Capital reaffirmed a "buy" rating on shares of EVgo in a research note on Wednesday, May 7th. Finally, UBS Group upped their target price on shares of EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Two equities 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, the stock currently has an average rating of "Buy" and an average price target 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.