Insider Selling: EVgo, Inc. (NYSE:EVGO) Director Sells $115,000,000.00 in Stock

EVgo, Inc. (NYSE:EVGO) Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the completion of the transaction, the director now owns 5,882,352 shares in the company, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

EVgo Trading Up 1.9 %

Shares of NYSE EVGO opened at $4.36 on Monday. EVgo, Inc. has a 12 month low of $1.65 and a 12 month high of $9.07. The firm has a market capitalization of $1.32 billion, a PE ratio of -10.38 and a beta of 2.24. The firm has a fifty day simple moving average of $6.65 and a two-hundred day simple moving average of $4.75.

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

Hedge Funds Weigh In On EVgo

Institutional investors have recently added to or reduced their stakes in the company. Legacy Capital Wealth Partners LLC purchased a new position in EVgo during the 2nd quarter valued at about $27,000. Point72 DIFC Ltd purchased a new stake in shares of EVgo in the 2nd quarter worth approximately $45,000. International Assets Investment Management LLC bought a new position in EVgo during the 3rd quarter valued at approximately $51,000. Creative Planning raised its stake in EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock valued at $55,000 after buying an additional 3,297 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in EVgo by 47.0% in the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after acquiring an additional 7,687 shares in the last quarter. Institutional investors own 17.44% of the company’s stock.

Analyst Ratings Changes

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

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.