Allego (NYSE:ALLG) Upgraded to “Hold” by Zacks Investment Research

Allego (NYSE:ALLGGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Allego Holding B.V. provides pan-European electric vehicle charging network. It delivers charging solutions for electric cars, motors, buses and trucks, for consumers, businesses and cities. Allego Holding B.V., formerly known as Spartan Acquisition Corp. III, is based in NEW YORK. “

Several other research analysts have also recently issued reports on the company. Cowen began coverage on Allego in a research report on Monday, April 11th. They set an “outperform” rating and a $19.00 target price on the stock. Capital One Financial cut Allego from an “overweight” rating to an “equal weight” rating in a research report on Friday, May 13th. Finally, Cowen began coverage on Allego in a research report on Monday, April 11th. They set an “outperform” rating and a $19.00 target price on the stock.

Shares of NYSE ALLG traded up $0.30 during midday trading on Tuesday, hitting $8.39. 109,926 shares of the stock traded hands, compared to its average volume of 2,546,220. Allego has a one year low of $7.43 and a one year high of $28.44. The company’s 50 day moving average is $11.48.

Hedge funds have recently bought and sold shares of the business. UBS Group AG purchased a new position in Allego in the first quarter worth $29,000. Penserra Capital Management LLC purchased a new position in shares of Allego during the 1st quarter valued at $105,000. Arena Capital Advisors LLC CA purchased a new position in shares of Allego during the 1st quarter valued at $499,000. Finally, ECP ControlCo LLC purchased a new position in shares of Allego during the 1st quarter valued at $15,120,000. 72.53% of the stock is currently owned by institutional investors and hedge funds.

About Allego (Get Rating)

Allego N.V. operates as an electric vehicle (EV) charging company. The company offers charging solutions for electric cars, motors, buses, and trucks. It has a charging network with renewable energy and charging solutions for business-to-business customers, including leading retail and auto brands. The company has approximately 28,000 charging ports in Europe.

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