State Street Corp Boosts Stock Position in EVgo, Inc. (NYSE:EVGO)

State Street Corp grew its position in shares of EVgo, Inc. (NYSE:EVGO) by 25.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,192,828 shares of the company’s stock after purchasing an additional 847,777 shares during the period. State Street Corp owned 1.39% of EVgo worth $17,358,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Marshall Wace LLP grew its position in shares of EVgo by 66.4% in the second quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after purchasing an additional 651,475 shares during the period. International Assets Investment Management LLC purchased a new stake in EVgo in the 3rd quarter valued at about $51,000. Verition Fund Management LLC acquired a new position in shares of EVgo during the 3rd quarter valued at about $653,000. Point72 Asset Management L.P. purchased a new position in shares of EVgo during the 2nd quarter worth about $1,749,000. Finally, HITE Hedge Asset Management LLC purchased a new position in shares of EVgo during the 2nd quarter worth about $495,000. 17.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on EVGO. Royal Bank of Canada upped their price target on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and upped their price objective for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. Capital One Financial upgraded EVgo to a “strong-buy” rating in a report on Monday, September 16th. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Finally, UBS Group raised EVgo from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $4.00 to $8.50 in a research note on Thursday, October 10th. Two 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. Based on data from MarketBeat, EVgo currently has an average rating of “Buy” and an average target price of $6.61.

Insider Buying and Selling at EVgo

In other EVgo news, Director David Nanus sold 23,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the transaction, the director now directly owns 5,882,352 shares of the company’s stock, valued at $29,411,760. This represents a 79.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Badar Khan sold 166,725 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the transaction, the chief executive officer now owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 66.96% of the stock is currently owned by corporate insiders.

EVgo Stock Performance

EVgo stock opened at $4.27 on Wednesday. The firm has a market capitalization of $1.29 billion, a PE ratio of -10.17 and a beta of 2.24. EVgo, Inc. has a one year low of $1.65 and a one year high of $9.07. The stock’s 50 day moving average price is $6.58 and its 200 day moving average price is $4.78.

EVgo (NYSE:EVGO) last posted its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The firm had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. The company’s quarterly revenue was up 92.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. On average, analysts forecast that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

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.