Wellington Management Group LLP Buys 951,272 Shares of EVgo, Inc. (NYSE:EVGO)

Wellington Management Group LLP lifted its stake in EVgo, Inc. (NYSE:EVGO) by 34.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,675,314 shares of the company’s stock after purchasing an additional 951,272 shares during the period. Wellington Management Group LLP owned about 1.23% of EVgo worth $13,158,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Swiss National Bank grew its holdings in EVgo by 1.9% during the 3rd quarter. Swiss National Bank now owns 222,100 shares of the company’s stock worth $751,000 after acquiring an additional 4,100 shares in the last quarter. Voisard Asset Management Group Inc. bought a new position in EVgo during the 4th quarter worth about $29,000. Atria Wealth Solutions Inc. grew its holdings in EVgo by 3.2% during the 4th quarter. Atria Wealth Solutions Inc. now owns 288,368 shares of the company’s stock worth $1,032,000 after acquiring an additional 8,879 shares in the last quarter. Sippican Capital Advisors bought a new position in EVgo during the 4th quarter worth about $43,000. Finally, International Assets Investment Management LLC bought a new position in EVgo during the 4th quarter worth about $580,000. 17.44% of the stock is currently owned by institutional investors.

EVgo Stock Up 1.5 %

Shares of EVgo stock opened at $2.34 on Thursday. EVgo, Inc. has a 52 week low of $1.65 and a 52 week high of $5.95. The firm has a market capitalization of $706.75 million, a P/E ratio of -6.16 and a beta of 2.54. The company has a 50 day moving average price of $2.02 and a 200 day moving average price of $2.45.

EVgo (NYSE:EVGO) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The business had revenue of $55.16 million for the quarter, compared to analysts’ expectations of $52.41 million. During the same period in the prior year, the business posted ($0.09) earnings per share. The business’s quarterly revenue was up 118.0% compared to the same quarter last year. As a group, research analysts anticipate that EVgo, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on EVGO. Evercore ISI lowered their price target on shares of EVgo from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Monday, May 13th. Citigroup lowered their price target on shares of EVgo from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. Cantor Fitzgerald upgraded shares of EVgo from a “neutral” rating to an “overweight” rating and lowered their price target for the company from $5.00 to $4.00 in a report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Wednesday, May 8th. Finally, Benchmark began coverage on shares of EVgo in a report on Wednesday, June 5th. They issued a “buy” rating and a $3.00 price target on the stock. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, EVgo presently has an average rating of “Moderate Buy” and a consensus target price of $4.00.

Insiders Place Their Bets

In other EVgo news, CEO Badar Khan purchased 125,000 shares of EVgo stock in a transaction on Monday, May 13th. The stock was bought at an average cost of $2.01 per share, with a total value of $251,250.00. Following the transaction, the chief executive officer now owns 143,874 shares of the company’s stock, valued at approximately $289,186.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 66.96% of the stock is currently owned by insiders.

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.