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

HITE Hedge Asset Management LLC boosted its holdings in shares of EVgo, Inc. (NASDAQ:EVGO) by 152.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,046,417 shares of the company’s stock after acquiring an additional 632,511 shares during the period. HITE Hedge Asset Management LLC owned about 0.35% of EVgo worth $4,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of EVgo by 20.1% during the fourth 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. Pamalican Asset Management Ltd acquired a new stake in shares of EVgo in the fourth quarter valued at $5,455,000. Marshall Wace LLP boosted its position in EVgo by 52.6% in the 4th quarter. Marshall Wace LLP now owns 3,429,931 shares of the company’s stock valued at $13,891,000 after buying an additional 1,182,431 shares during the period. State Street Corp grew its holdings in EVgo by 25.3% during the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after acquiring an additional 847,777 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of EVgo by 5,576.8% during the fourth quarter. Renaissance Technologies LLC now owns 669,861 shares of the company’s stock worth $2,713,000 after purchasing an additional 658,061 shares during the last quarter. Institutional investors own 17.44% of the company’s stock.

EVgo Stock Performance

Shares of EVGO stock opened at $2.53 on Friday. The company has a market capitalization of $775.00 million, a price-to-earnings ratio of -6.02 and a beta of 2.28. EVgo, Inc. has a 1-year low of $1.65 and a 1-year high of $9.07. The stock’s fifty day simple moving average is $2.67 and its 200-day simple moving average is $4.53.

EVgo (NASDAQ:EVGO) last released its quarterly earnings data on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.04. The company had revenue of $67.51 million during the quarter, compared to analyst estimates of $69.49 million. On average, sell-side analysts predict that EVgo, Inc. will post -0.45 EPS for the current year.

Insider Activity at EVgo

In other EVgo news, President Dennis G. Kish sold 44,184 shares of EVgo stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the sale, the president now directly owns 95,986 shares in the company, valued at $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 Securities & Exchange Commission, which is available through the SEC website. 66.96% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Evercore ISI reduced their target price on EVgo from $7.00 to $4.00 and set an “outperform” rating for the company in a report on Monday, March 31st. JPMorgan Chase & Co. decreased their target price on EVgo from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 price objective on shares of EVgo in a research report on Wednesday, March 5th. Finally, Stifel Nicolaus cut their price target on shares of EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Two investment 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, the stock presently has a consensus rating of “Buy” and an average price target 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.