Soros Fund Management LLC Acquires Shares of 565,042 EVgo, Inc. (NASDAQ:EVGO)

Soros Fund Management LLC purchased a new position in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 565,042 shares of the company's stock, valued at approximately $2,288,000. Soros Fund Management LLC owned about 0.19% of EVgo at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of EVgo by 20.1% during the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock worth $49,414,000 after purchasing an additional 2,043,449 shares during the period. Marshall Wace LLP increased its stake in EVgo by 52.6% in the fourth quarter. Marshall Wace LLP now owns 3,429,931 shares of the company's stock valued at $13,891,000 after purchasing an additional 1,182,431 shares during the last quarter. Geode Capital Management LLC lifted its position in EVgo by 0.5% during 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 during the period. Pamalican Asset Management Ltd purchased a new position in EVgo during the fourth quarter worth about $5,455,000. Finally, Ghisallo Capital Management LLC acquired a new stake in EVgo in the 4th quarter worth about $5,180,000. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

EVgo Trading Up 1.4 %

Shares of EVGO traded up $0.04 during midday trading on Friday, reaching $2.85. 2,276,368 shares of the company were exchanged, compared to its average volume of 4,061,891. EVgo, Inc. has a 1-year low of $1.73 and a 1-year high of $9.07. The company has a market cap of $873.02 million, a price-to-earnings ratio of -6.79 and a beta of 2.28. The stock has a 50-day moving average price of $2.62 and a 200-day moving average price of $4.24.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.04. The company had revenue of $67.51 million during the quarter, compared to analysts' expectations of $69.49 million. Equities research analysts anticipate that EVgo, Inc. will post -0.45 earnings per share for the current year.

Insider Activity

In related news, President Dennis G. Kish sold 44,184 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the transaction, the president now owns 95,986 shares in the company, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 58.79% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on EVGO shares. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a report on Wednesday, March 5th. Stifel Nicolaus decreased their price target on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. UBS Group lowered their price objective on shares of EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a research note on Monday, January 27th. JPMorgan Chase & Co. cut their target price on EVgo from $6.00 to $5.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 12th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $8.00 price target on shares of EVgo in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $5.78.

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.