Charles Schwab Investment Management Inc. Decreases Stock Position in EVgo, Inc. (NYSE:EVGO)

Charles Schwab Investment Management Inc. cut its stake in shares of EVgo, Inc. (NYSE:EVGO) by 2.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 293,417 shares of the company’s stock after selling 7,838 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.10% of EVgo worth $1,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Legacy Capital Wealth Partners LLC purchased a new stake in shares of EVgo during the second quarter valued at approximately $27,000. International Assets Investment Management LLC purchased a new stake in EVgo during the 3rd quarter valued at $51,000. Creative Planning grew its holdings in EVgo by 32.7% in the 3rd quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after acquiring an additional 3,297 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of EVgo in the second quarter valued at about $45,000. Finally, SG Americas Securities LLC raised its stake in shares of EVgo by 47.0% during the second quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock valued at $59,000 after acquiring an additional 7,687 shares during the last quarter. 17.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

EVGO has been the topic of a number of research analyst reports. Royal Bank of Canada boosted their price target on EVgo from $4.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Capital One Financial raised EVgo to a “strong-buy” rating in a research note on Monday, September 16th. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. TD Cowen raised shares of EVgo from a “hold” rating to a “buy” rating and boosted their price objective for the company from $5.00 to $7.00 in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. raised shares of EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research report on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $6.61.

Insiders Place Their Bets

In related news, CEO Badar Khan sold 166,725 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the completion of the transaction, the chief executive officer now directly owns 348,761 shares in the company, valued at $1,792,631.54. The trade was a 32.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 66.96% of the company’s stock.

EVgo Price Performance

Shares of EVgo stock opened at $4.68 on Wednesday. EVgo, Inc. has a 1 year low of $1.65 and a 1 year high of $9.07. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -11.14 and a beta of 2.24. The company has a 50-day moving average of $6.80 and a 200 day moving average of $4.72.

EVgo (NYSE:EVGO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business had revenue of $67.50 million for the quarter, compared to analyst estimates of $66.52 million. During the same period last year, the company earned ($0.09) earnings per share. The business’s quarterly revenue was up 92.3% on a year-over-year basis. On average, equities analysts anticipate that EVgo, Inc. will post -0.41 EPS for the current year.

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.