HITE Hedge Asset Management LLC Acquires 632,511 Shares of EVgo, Inc. (NASDAQ:EVGO)

HITE Hedge Asset Management LLC lifted its holdings in EVgo, Inc. (NASDAQ:EVGO - Free Report) by 152.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,046,417 shares of the company's stock after purchasing an additional 632,511 shares during the period. HITE Hedge Asset Management LLC owned about 0.35% of EVgo worth $4,238,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of EVgo by 25.3% during the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company's stock valued at $17,358,000 after acquiring an additional 847,777 shares during the period. Barclays PLC grew its holdings in EVgo by 280.6% during the third quarter. Barclays PLC now owns 132,981 shares of the company's stock valued at $551,000 after purchasing an additional 98,041 shares during the period. Geode Capital Management LLC increased its position in EVgo by 3.9% in the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company's stock worth $10,020,000 after buying an additional 90,887 shares in the last quarter. Tidal Investments LLC raised its stake in shares of EVgo by 714.2% in the third quarter. Tidal Investments LLC now owns 94,541 shares of the company's stock worth $391,000 after buying an additional 82,929 shares during the period. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of EVgo during the 4th quarter valued at about $72,000. 17.44% of the stock is currently owned by institutional investors.

Insider Activity

In related news, President Dennis G. Kish sold 44,184 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the transaction, the president now directly owns 95,986 shares in the company, valued at approximately $327,312.26. This represents a 31.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 58.79% of the company's stock.

Wall Street Analysts Forecast Growth

EVGO has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their price target on shares of EVgo from $6.00 to $5.00 and set an "overweight" rating on the stock in a report on Wednesday, March 12th. Evercore ISI cut their price target on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research note on Monday, March 31st. UBS Group lowered their price objective on EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. Stifel Nicolaus decreased their target price on EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $8.00 price target on shares of EVgo in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $5.78.

EVgo Stock Performance

Shares of NASDAQ:EVGO traded up $0.02 on Wednesday, reaching $2.58. The company's stock had a trading volume of 2,139,979 shares, compared to its average volume of 4,230,077. The company has a 50-day simple moving average of $2.65 and a 200 day simple moving average of $4.47. EVgo, Inc. has a 52-week low of $1.65 and a 52-week high of $9.07. The company has a market cap of $790.31 million, a P/E ratio of -6.14 and a beta of 2.28.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million for the quarter, compared to analysts' expectations of $69.49 million. On average, equities research analysts forecast that EVgo, Inc. will post -0.45 EPS for the current fiscal year.

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.