Arete Wealth Advisors LLC Buys New Shares in EVgo, Inc. (NYSE:EVGO)

Posted by Defense World Staff on Jul 25th, 2023

Arete Wealth Advisors LLC bought a new stake in shares of EVgo, Inc. (NYSE:EVGO – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,500 shares of the company’s stock, valued at approximately $698,000,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EVGO. Raymond James Financial Services Advisors Inc. lifted its position in shares of EVgo by 34.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 21,944 shares of the company’s stock valued at $282,000 after acquiring an additional 5,665 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of EVgo by 67.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 50,801 shares of the company’s stock valued at $653,000 after acquiring an additional 20,505 shares in the last quarter. Citigroup Inc. lifted its position in shares of EVgo by 238.6% in the 1st quarter. Citigroup Inc. now owns 29,441 shares of the company’s stock valued at $379,000 after acquiring an additional 20,746 shares in the last quarter. Allianz Asset Management GmbH purchased a new stake in shares of EVgo in the 1st quarter valued at approximately $32,188,000. Finally, Vanguard Group Inc. lifted its position in shares of EVgo by 121.6% in the 1st quarter. Vanguard Group Inc. now owns 5,882,535 shares of the company’s stock valued at $75,649,000 after acquiring an additional 3,228,340 shares in the last quarter. 13.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Citigroup reduced their price target on shares of EVgo from $6.20 to $5.10 in a research report on Tuesday, June 20th. Evercore ISI dropped their price target on shares of EVgo from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, March 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of EVgo in a research note on Friday, March 31st. Bank of America dropped their price target on shares of EVgo from $7.00 to $1.00 in a research note on Friday, May 19th. Finally, Stifel Nicolaus began coverage on shares of EVgo in a research note on Tuesday, May 16th. They issued a “buy” rating and a $9.00 price target on the stock. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, EVgo currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.23.

EVgo Price Performance

EVgo stock opened at $4.15 on Tuesday. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -11.22 and a beta of 1.93. EVgo, Inc. has a one year low of $3.45 and a one year high of $12.65. The company’s fifty day moving average price is $4.19 and its two-hundred day moving average price is $5.38.

EVgo (NYSE:EVGO – Get Free Report) last posted its earnings results on Tuesday, May 9th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.06. The business had revenue of $25.30 million for the quarter, compared to analyst estimates of $27.03 million. As a group, sell-side analysts anticipate that EVgo, Inc. will post -0.87 earnings per share for the current year.

Insider Activity

In related news, CEO Catherine Zoi sold 60,030 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $3.98, for a total value of $238,919.40. Following the completion of the sale, the chief executive officer now owns 163,796 shares in the company, valued at $651,908.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other EVgo news, COO Dennis G. Kish sold 20,006 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $3.99, for a total transaction of $79,823.94. Following the completion of the transaction, the chief operating officer now owns 37,844 shares in the company, valued at $150,997.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Catherine Zoi sold 60,030 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $3.98, for a total transaction of $238,919.40. Following the sale, the chief executive officer now directly owns 163,796 shares of the company’s stock, valued at approximately $651,908.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 143,347 shares of company stock valued at $572,076. 73.48% of the stock is owned by insiders.

EVgo Company Profile

(Free Report)

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.