EVgo, Inc. (NYSE:EVGO) Director Sells $115,000,000.00 in Stock

EVgo, Inc. (NYSE:EVGO) Director David Nanus sold 23,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the sale, the director now directly owns 5,882,352 shares of the company’s stock, valued at $29,411,760. This trade represents a 79.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

EVgo Price Performance

Shares of EVGO stock opened at $4.36 on Monday. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -10.38 and a beta of 2.24. EVgo, Inc. has a 1 year low of $1.65 and a 1 year high of $9.07. The firm has a fifty day moving average price of $6.65 and a 200-day moving average price of $4.75.

EVgo (NYSE:EVGO) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million during the quarter, compared to analyst estimates of $66.52 million. During the same period in the previous year, the company earned ($0.09) earnings per share. The business’s revenue for the quarter was up 92.3% compared to the same quarter last year. Equities research analysts expect that EVgo, Inc. will post -0.41 EPS for the current year.

Institutional Investors Weigh In On EVgo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legacy Capital Wealth Partners LLC bought a new position in shares of EVgo in the second quarter worth approximately $27,000. Point72 DIFC Ltd purchased a new position in shares of EVgo during the 2nd quarter valued at $45,000. International Assets Investment Management LLC bought a new position in EVgo in the 3rd quarter worth $51,000. Creative Planning increased its stake in EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after buying an additional 3,297 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in EVgo by 47.0% during the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock valued at $59,000 after acquiring an additional 7,687 shares during the period. Institutional investors own 17.44% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on EVGO. JPMorgan Chase & Co. lowered their price target on EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Friday. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada increased their price objective on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 target price on shares of EVgo in a report on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $6.61.

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.