Northern Trust Corp Acquires 113,925 Shares of EVgo, Inc. (NASDAQ:EVGO)

Northern Trust Corp increased its holdings in shares of EVgo, Inc. (NASDAQ:EVGO) by 14.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 927,261 shares of the company’s stock after purchasing an additional 113,925 shares during the period. Northern Trust Corp owned 0.31% of EVgo worth $3,755,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in EVgo by 20.1% during the fourth quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock worth $49,414,000 after purchasing an additional 2,043,449 shares during the period. Marshall Wace LLP boosted its holdings in shares of EVgo by 52.6% during the fourth quarter. Marshall Wace LLP now owns 3,429,931 shares of the company’s stock worth $13,891,000 after acquiring an additional 1,182,431 shares during the period. Geode Capital Management LLC boosted its holdings in shares of 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 acquiring an additional 12,320 shares during the period. Pamalican Asset Management Ltd bought a new stake in shares of EVgo during the fourth quarter worth approximately $5,455,000. Finally, Ghisallo Capital Management LLC bought a new stake in shares of EVgo during the fourth quarter worth approximately $5,180,000. Institutional investors own 17.44% of the company’s stock.

Insider Buying and Selling at EVgo

In other EVgo news, President Dennis G. Kish sold 73,215 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $3.69, for a total transaction of $270,163.35. Following the completion of the transaction, the president now directly owns 72,269 shares in the company, valued at $266,672.61. The trade was a 50.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 58.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on EVGO. Needham & Company LLC restated a “hold” rating on shares of EVgo in a report on Wednesday, March 5th. UBS Group reduced their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Stifel Nicolaus reduced their price objective on EVgo from $10.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Evercore ISI reduced their price objective on EVgo from $7.00 to $4.00 and set an “outperform” rating for the company in a report on Monday, March 31st. Finally, JPMorgan Chase & Co. restated an “overweight” rating on shares of EVgo in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, EVgo currently has an average rating of “Buy” and a consensus price target of $6.25.

EVgo Trading Up 7.0%

NASDAQ EVGO opened at $3.69 on Friday. EVgo, Inc. has a 1-year low of $1.92 and a 1-year high of $9.07. The company has a 50 day moving average of $2.94 and a 200-day moving average of $3.80. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -8.79 and a beta of 2.27.

EVgo (NASDAQ:EVGO) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $70.11 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. The firm’s quarterly revenue was up 36.4% on a year-over-year basis. On average, equities research analysts forecast that EVgo, Inc. will post -0.45 earnings per share for the current year.

About EVgo

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.