Insider Selling: EVgo, Inc. (NYSE:EVGO) CEO Sells 166,725 Shares of Stock

EVgo, Inc. (NYSE:EVGO) 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 completion of the sale, the chief executive officer now directly owns 348,761 shares of the company’s stock, valued at approximately $1,792,631.54. This trade represents a 32.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

EVgo Price Performance

NYSE EVGO opened at $5.06 on Friday. The company has a market capitalization of $1.53 billion, a PE ratio of -12.05 and a beta of 2.38. EVgo, Inc. has a 1 year low of $1.65 and a 1 year high of $9.07. The company has a fifty day moving average of $6.12 and a 200 day moving average of $4.04.

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 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 quarter last year, the business posted ($0.09) EPS. The firm’s revenue for the quarter was up 92.3% on a year-over-year basis. Research analysts expect that EVgo, Inc. will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On EVgo

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

Wall Street Analyst Weigh In

A number of research firms recently commented on EVGO. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price target on shares of EVgo in a report on Monday, September 30th. Marathon Capitl raised shares of EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada boosted their price objective 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. UBS Group raised shares of EVgo from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. Finally, Capital One Financial raised EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $6.61.

EVgo Company 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.