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 the business’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 transaction of $115,000,000.00. Following the completion of the transaction, the director now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

EVgo Stock Up 1.9 %

EVGO stock opened at $4.36 on Friday. EVgo, Inc. has a 52 week low of $1.65 and a 52 week high of $9.07. The stock has a market capitalization of $1.32 billion, a PE ratio of -10.38 and a beta of 2.24. The firm has a 50 day moving average of $6.65 and a 200 day moving average of $4.73.

EVgo (NYSE:EVGO) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate 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. During the same period in the prior year, the firm earned ($0.09) EPS. The company’s revenue for the quarter was up 92.3% on a year-over-year basis. On average, equities research analysts expect that EVgo, Inc. will post -0.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a research report on Wednesday, November 13th. UBS Group upgraded shares of EVgo from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. Capital One Financial upgraded shares of EVgo to a “strong-buy” rating in a report on Monday, September 16th. Stifel Nicolaus boosted their price objective on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada increased their target price on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $6.61.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EVGO. State Street Corp increased its stake in shares of 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 acquiring an additional 847,777 shares during the period. Geode Capital Management LLC grew its position in EVgo by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after purchasing an additional 90,887 shares during the period. Marshall Wace LLP raised its stake in shares of EVgo by 66.4% during the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company’s stock valued at $4,002,000 after buying an additional 651,475 shares during the last quarter. SIR Capital Management L.P. lifted its holdings in shares of EVgo by 76.9% in the 2nd quarter. SIR Capital Management L.P. now owns 958,600 shares of the company’s stock valued at $2,349,000 after buying an additional 416,800 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of EVgo in the second quarter worth about $1,749,000. 17.44% of the stock is owned by institutional investors and hedge funds.

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.