Bank of New York Mellon Corp Has $1 Million Stake in EVgo, Inc. (NYSE:EVGO)

Bank of New York Mellon Corp grew its holdings in shares of EVgo, Inc. (NYSE:EVGO) by 12.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 408,687 shares of the company’s stock after purchasing an additional 46,157 shares during the period. Bank of New York Mellon Corp owned about 0.14% of EVgo worth $1,001,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. Voisard Asset Management Group Inc. acquired a new stake in EVgo during the fourth quarter worth about $29,000. Simplicity Wealth LLC acquired a new position in shares of EVgo during the 1st quarter worth $36,000. Bleakley Financial Group LLC acquired a new stake in EVgo in the first quarter valued at about $36,000. SG Americas Securities LLC bought a new position in EVgo in the first quarter valued at about $41,000. Finally, Blueshift Asset Management LLC bought a new position in shares of EVgo in the fourth quarter worth about $72,000. 17.44% of the stock is currently owned by institutional investors.

EVgo Stock Performance

Shares of NYSE EVGO opened at $4.20 on Friday. EVgo, Inc. has a 52-week low of $1.65 and a 52-week high of $4.80. The company’s 50 day moving average price is $3.96 and its 200-day moving average price is $2.84. The company has a market capitalization of $1.27 billion, a P/E ratio of -11.05 and a beta of 2.59.

EVgo (NYSE:EVGO) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $66.62 million for the quarter, compared to analyst estimates of $59.40 million. The business’s revenue was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.08) earnings per share. Analysts forecast that EVgo, Inc. will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other EVgo news, insider Francine Sullivan sold 12,584 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $45,302.40. Following the transaction, the insider now directly owns 117,327 shares in the company, valued at approximately $422,377.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other EVgo news, insider Francine Sullivan sold 12,584 shares of EVgo stock in a transaction on Monday, August 12th. The shares were sold at an average price of $3.60, for a total value of $45,302.40. Following the completion of the sale, the insider now directly owns 117,327 shares of the company’s stock, valued at $422,377.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Dennis G. Kish sold 16,414 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $3.60, for a total transaction of $59,090.40. Following the transaction, the president now directly owns 47,614 shares in the company, valued at approximately $171,410.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,475 shares of company stock worth $110,189. 66.96% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on EVGO shares. Capital One Financial raised shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th. Stifel Nicolaus cut their price objective on EVgo from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Benchmark upped their target price on EVgo from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research note on Thursday, August 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 target price on shares of EVgo in a research report on Monday, September 9th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.63.

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.