Barclays PLC Grows Stock Position in EVgo, Inc. (NYSE:EVGO)

Barclays PLC grew its stake in EVgo, Inc. (NYSE:EVGO) by 280.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,981 shares of the company’s stock after acquiring an additional 98,041 shares during the period. Barclays PLC’s holdings in EVgo were worth $551,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in EVGO. State Street Corp grew its holdings in EVgo by 25.3% in the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after purchasing an additional 847,777 shares during the last quarter. Marshall Wace LLP raised its holdings in EVgo by 66.4% in the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock worth $4,002,000 after purchasing an additional 651,475 shares during the period. SIR Capital Management L.P. increased its holdings in EVgo by 76.9% in the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock worth $2,349,000 after acquiring an additional 416,800 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in EVgo in the 2nd quarter valued at about $1,749,000. Finally, HITE Hedge Asset Management LLC increased its position in shares of EVgo by 105.0% during the third quarter. HITE Hedge Asset Management LLC now owns 413,906 shares of the company’s stock worth $1,714,000 after purchasing an additional 212,004 shares in the last quarter. Institutional investors own 17.44% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EVGO. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and upped their price target for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Marathon Capitl upgraded EVgo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Stifel Nicolaus lifted their target price on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada increased their target price on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Finally, Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $6.61.

EVgo Stock Up 3.5 %

Shares of EVgo stock opened at $4.19 on Friday. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -9.98 and a beta of 2.24. The company’s 50-day simple moving average is $5.93 and its 200-day simple moving average is $4.86. EVgo, Inc. has a 52-week low of $1.65 and a 52-week high of $9.07.

EVgo (NYSE:EVGO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to the consensus estimate of $66.52 million. The company’s revenue for the quarter was up 92.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.09) EPS. Equities research analysts anticipate that EVgo, Inc. will post -0.41 EPS for the current year.

Insider Activity at EVgo

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

EVgo 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.