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

EVgo, Inc. (NYSE:EVGO) Director David Nanus sold 23,000,000 shares of the 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 transaction, the director now directly owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

EVgo Price Performance

EVgo stock opened at $4.36 on Friday. EVgo, Inc. has a 1-year low of $1.65 and a 1-year high of $9.07. The company’s 50-day moving average is $6.65 and its 200 day moving average is $4.73. The firm has a market capitalization of $1.32 billion, a P/E ratio of -10.38 and a beta of 2.24.

EVgo (NYSE:EVGO) last issued its quarterly 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 company had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. The business’s revenue was up 92.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.09) earnings per share. Research analysts anticipate that EVgo, Inc. will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EVGO. Creative Planning grew its stake in EVgo by 32.7% in the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares in the last quarter. Legacy Capital Wealth Partners LLC lifted its holdings in shares of EVgo by 31.8% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after buying an additional 3,500 shares during the period. SG Americas Securities LLC grew its position in shares of EVgo by 47.0% during the 2nd quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after buying an additional 7,687 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of EVgo by 20.2% during the third quarter. Janus Henderson Group PLC now owns 52,416 shares of the company’s stock valued at $217,000 after buying an additional 8,800 shares during the period. Finally, Atria Wealth Solutions Inc. raised its holdings in shares of EVgo by 2.8% in the second quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock valued at $811,000 after acquiring an additional 8,940 shares in the last quarter. 17.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on EVGO shares. Stifel Nicolaus increased their target price on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group raised shares of EVgo from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.00 to $8.50 in a research note on Thursday, October 10th. JPMorgan Chase & Co. decreased their target price on shares of EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday. Royal Bank of Canada increased their price target on shares of EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Finally, Capital One Financial raised EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, EVgo 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.