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 shares were 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. This trade represents a 79.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

EVgo Stock Performance

Shares of NYSE:EVGO traded up $0.08 during trading on Friday, hitting $4.36. The company’s stock had a trading volume of 8,886,604 shares, compared to its average volume of 4,893,364. The company has a market capitalization of $1.32 billion, a PE ratio of -10.38 and a beta of 2.24. EVgo, Inc. has a fifty-two week low of $1.65 and a fifty-two week high of $9.07. The stock’s 50-day moving average price is $6.65 and its two-hundred day moving average price is $4.73.

EVgo (NYSE:EVGO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) 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 the consensus estimate of $66.52 million. During the same quarter last year, the firm posted ($0.09) earnings per share. The firm’s quarterly revenue was up 92.3% compared to the same quarter last year. On average, equities analysts predict that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EVgo

Several large investors have recently modified their holdings of the stock. Tidal Investments LLC raised its position in shares of EVgo by 714.2% during the 3rd quarter. Tidal Investments LLC now owns 94,541 shares of the company’s stock valued at $391,000 after acquiring an additional 82,929 shares in the last quarter. Barclays PLC raised its holdings in shares of EVgo by 280.6% during the third quarter. Barclays PLC now owns 132,981 shares of the company’s stock worth $551,000 after purchasing an additional 98,041 shares during the period. Geode Capital Management LLC lifted its position in shares of EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after buying an additional 90,887 shares during the last quarter. State Street Corp lifted its position in shares of EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after buying an additional 847,777 shares during the last quarter. Finally, Point72 DIFC Ltd boosted its holdings in shares of EVgo by 188.2% in the 3rd quarter. Point72 DIFC Ltd now owns 52,965 shares of the company’s stock valued at $219,000 after buying an additional 34,584 shares during the period. Institutional investors own 17.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on EVGO shares. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and lifted their target price for the company from $5.00 to $7.00 in a report on Thursday, October 3rd. Capital One Financial raised EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus increased their target price on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Royal Bank of Canada lifted their price target 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. Finally, UBS Group raised shares of EVgo from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $4.00 to $8.50 in a research report on Thursday, October 10th. Two research 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 data from MarketBeat.com, the company presently has an average 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.