Handelsbanken Fonder AB Makes New Investment in EVgo, Inc. (NYSE:EVGO)

Handelsbanken Fonder AB bought a new position in shares of EVgo, Inc. (NYSE:EVGO) during the fourth quarter, HoldingsChannel reports. The fund bought 33,700 shares of the company’s stock, valued at approximately $121,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Wellington Management Group LLP grew its stake in shares of EVgo by 323.5% in the third quarter. Wellington Management Group LLP now owns 2,724,042 shares of the company’s stock worth $9,207,000 after purchasing an additional 2,080,839 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of EVgo by 4.6% in the third quarter. Vanguard Group Inc. now owns 9,501,327 shares of the company’s stock worth $32,114,000 after purchasing an additional 421,704 shares during the last quarter. Capula Management Ltd bought a new stake in shares of EVgo in the third quarter worth $797,000. Dark Forest Capital Management LP grew its stake in shares of EVgo by 1,862.2% in the third quarter. Dark Forest Capital Management LP now owns 244,722 shares of the company’s stock worth $827,000 after purchasing an additional 232,250 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of EVgo in the third quarter worth $774,000. Institutional investors own 17.44% of the company’s stock.

Insider Activity

In related news, President Dennis G. Kish sold 34,717 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $3.00, for a total value of $104,151.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, President Dennis G. Kish sold 34,717 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total transaction of $104,151.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Olga Shevorenkova sold 19,363 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $3.00, for a total transaction of $58,089.00. Following the completion of the transaction, the chief financial officer now directly owns 81,991 shares in the company, valued at approximately $245,973. The disclosure for this sale can be found here. Insiders sold a total of 56,230 shares of company stock worth $167,409 over the last quarter. 66.96% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on EVGO shares. Royal Bank of Canada reissued an “outperform” rating and issued a $4.00 price objective on shares of EVgo in a research note on Friday, April 5th. Evercore ISI cut their price target on shares of EVgo from $9.00 to $8.00 and set an “outperform” rating on the stock in a research report on Thursday, March 7th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $5.00 price target on shares of EVgo in a research report on Thursday, March 7th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $5.19.

EVgo Trading Up 4.7 %

Shares of EVGO opened at $1.99 on Friday. The stock has a market capitalization of $600.02 million, a P/E ratio of -4.04 and a beta of 2.53. The firm’s fifty day simple moving average is $2.29 and its two-hundred day simple moving average is $2.63. EVgo, Inc. has a 12 month low of $1.65 and a 12 month high of $6.48.

EVgo (NYSE:EVGO) last issued its earnings results on Wednesday, March 6th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. The firm had revenue of $50.00 million during the quarter, compared to the consensus estimate of $44.39 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. The business’s quarterly revenue was up 83.2% on a year-over-year basis. As a group, research analysts predict that EVgo, Inc. will post -0.37 EPS for the current fiscal year.

EVgo 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.