David Nanus Sells 23,000,000 Shares of EVgo, Inc. (NYSE:EVGO) Stock

EVgo, Inc. (NYSE:EVGO) Director David Nanus sold 23,000,000 shares of EVgo stock in a transaction that occurred on 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 in the company, valued at approximately $29,411,760. This trade represents a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

EVgo Stock Up 1.9 %

Shares of EVGO traded up $0.08 during mid-day trading on Friday, reaching $4.36. 8,886,604 shares of the company’s stock were exchanged, compared to its average volume of 4,893,364. EVgo, Inc. has a 52-week low of $1.65 and a 52-week high of $9.07. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -10.38 and a beta of 2.24. The company has a 50-day simple moving average of $6.65 and a two-hundred day simple moving average of $4.73.

EVgo (NYSE:EVGO) last released its quarterly 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 during the quarter, compared to the consensus estimate of $66.52 million. During the same period last year, the firm earned ($0.09) earnings per share. The business’s quarterly revenue was up 92.3% compared to the same quarter last year. As a group, equities research analysts predict that EVgo, Inc. will post -0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in EVGO. 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 valued at $4,002,000 after acquiring an additional 651,475 shares during the last quarter. International Assets Investment Management LLC acquired a new position in EVgo in the third quarter valued at $51,000. Verition Fund Management LLC purchased a new position in EVgo during the third quarter worth about $653,000. Point72 Asset Management L.P. acquired a new stake in EVgo in the 2nd quarter worth about $1,749,000. Finally, HITE Hedge Asset Management LLC purchased a new stake in EVgo in the 2nd quarter valued at about $495,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 target price on shares of EVgo in a research report on Monday, September 30th. Royal Bank of Canada boosted their price objective on shares of EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Stifel Nicolaus upped 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. Marathon Capitl upgraded shares of EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. Finally, UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and upped their price target for the stock from $4.00 to $8.50 in a report on Thursday, October 10th. Two equities research 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 company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target 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.