SCP Investment LP Buys New Position in EVgo, Inc. (NASDAQ:EVGO)

SCP Investment LP purchased a new position in EVgo, Inc. (NASDAQ:EVGO) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 14,800 shares of the company’s stock, valued at approximately $60,000.

Other hedge funds have also recently modified their holdings of the company. State Street Corp lifted its position in EVgo by 25.3% during the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after purchasing an additional 847,777 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of EVgo by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock valued at $10,020,000 after buying an additional 90,887 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of EVgo during the 4th quarter valued at approximately $523,000. Amundi purchased a new stake in EVgo in the 4th quarter worth approximately $113,000. Finally, Erste Asset Management GmbH bought a new stake in EVgo during the 4th quarter worth approximately $2,321,000. Institutional investors own 17.44% of the company’s stock.

Insider Buying and Selling

In other EVgo news, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following the completion of the transaction, the president now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 66.96% of the stock is owned by corporate insiders.

EVgo Price Performance

NASDAQ:EVGO opened at $2.82 on Friday. The company has a market cap of $863.83 million, a price-to-earnings ratio of -6.71 and a beta of 2.37. EVgo, Inc. has a 1 year low of $1.65 and a 1 year high of $9.07. The stock’s 50 day simple moving average is $2.91 and its two-hundred day simple moving average is $4.72.

EVgo (NASDAQ:EVGO) last announced its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.04. The business had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. As a group, analysts anticipate that EVgo, Inc. will post -0.45 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on EVGO. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research report on Wednesday, March 5th. UBS Group dropped their target price on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. JPMorgan Chase & Co. decreased their price target on EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Stifel Nicolaus dropped their price objective on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 target price on shares of EVgo in a research note on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, EVgo has an average rating of “Buy” and an average price target of $6.11.

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.