Balyasny Asset Management L.P. Decreases Stock Position in EVgo, Inc. (NASDAQ:EVGO)

Balyasny Asset Management L.P. reduced its holdings in shares of EVgo, Inc. (NASDAQ:EVGO) by 95.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,996 shares of the company’s stock after selling 247,492 shares during the quarter. Balyasny Asset Management L.P.’s holdings in EVgo were worth $49,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EVGO. Vanguard Group Inc. grew its position in shares of EVgo by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock valued at $49,414,000 after purchasing an additional 2,043,449 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in EVgo by 93.4% in the 4th quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company’s stock valued at $4,915,000 after acquiring an additional 586,108 shares during the last quarter. Quantbot Technologies LP purchased a new position in EVgo during the fourth quarter worth about $523,000. BNP Paribas Financial Markets purchased a new position in shares of EVgo during the 4th quarter worth about $7,259,000. Finally, Geode Capital Management LLC raised its stake in EVgo by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 2,432,183 shares of the company’s stock worth $9,853,000 after purchasing an additional 12,320 shares during the period. Institutional investors and hedge funds own 17.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Evercore ISI reduced their price objective on EVgo from $7.00 to $4.00 and set an “outperform” rating on the stock in a research note on Monday, March 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $8.00 price target on shares of EVgo in a research report on Wednesday, March 5th. Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Roth Capital reiterated a “buy” rating on shares of EVgo in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus dropped their target price on EVgo from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $6.25.

EVgo Price Performance

Shares of EVgo stock opened at $3.72 on Tuesday. EVgo, Inc. has a 1-year low of $1.92 and a 1-year high of $9.07. The company has a market capitalization of $1.14 billion, a PE ratio of -8.86 and a beta of 2.27. The business has a 50-day moving average of $2.87 and a 200-day moving average of $3.83.

EVgo (NASDAQ:EVGO) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The business had revenue of $75.29 million for the quarter, compared to analyst estimates of $70.11 million. During the same quarter last year, the business earned ($0.09) EPS. EVgo’s revenue for the quarter was up 36.4% compared to the same quarter last year. On average, equities analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current fiscal 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.