David Nanus Sells 23,000,000 Shares of EVgo, Inc. (NYSE:EVGO) Stock

EVgo, Inc. (NYSE:EVGO) Director David Nanus sold 23,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the sale, the director now owns 5,882,352 shares in the company, valued at approximately $29,411,760. This represents a 79.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

EVgo Stock Performance

Shares of EVGO opened at $4.36 on Friday. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -10.38 and a beta of 2.24. The business’s fifty day moving average price is $6.65 and its two-hundred day moving average price is $4.73. EVgo, Inc. has a 52 week low of $1.65 and a 52 week high of $9.07.

EVgo (NYSE:EVGO) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business had revenue of $67.50 million during the quarter, compared to analysts’ expectations of $66.52 million. The business’s revenue was up 92.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) EPS. As a group, research analysts forecast that EVgo, Inc. will post -0.41 EPS for the current year.

Wall Street Analysts Forecast Growth

EVGO has been the topic of several analyst reports. TD Cowen upgraded EVgo from a “hold” rating to a “buy” rating and upped their price objective for the company from $5.00 to $7.00 in a research note on Thursday, October 3rd. UBS Group upgraded EVgo from a “neutral” rating to a “buy” rating and increased their price target for the stock from $4.00 to $8.50 in a research report on Thursday, October 10th. Royal Bank of Canada increased their price target on EVgo from $4.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Capital One Financial upgraded EVgo to a “strong-buy” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. decreased their price target on EVgo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, EVgo currently has an average rating of “Buy” and a consensus price target of $6.61.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in EVGO. SG Americas Securities LLC lifted its stake in shares of EVgo by 47.0% in the 2nd quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock valued at $59,000 after purchasing an additional 7,687 shares during the period. Atria Wealth Solutions Inc. lifted its stake in shares of EVgo by 2.8% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 330,871 shares of the company’s stock valued at $811,000 after purchasing an additional 8,940 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of EVgo by 12.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 408,687 shares of the company’s stock valued at $1,001,000 after purchasing an additional 46,157 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in shares of EVgo by 42.6% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 510,510 shares of the company’s stock valued at $1,251,000 after purchasing an additional 152,436 shares during the period. Finally, Legacy Capital Wealth Partners LLC acquired a new position in shares of EVgo in the 2nd quarter valued at $27,000. Institutional investors and hedge funds own 17.44% of the company’s stock.

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.