Firsthand Capital Management Inc. Purchases 38,402 Shares of EVgo, Inc. (NYSE:EVGO)

Firsthand Capital Management Inc. increased its position in EVgo, Inc. (NYSE:EVGO) by 2,403.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,000 shares of the company’s stock after acquiring an additional 38,402 shares during the quarter. Firsthand Capital Management Inc.’s holdings in EVgo were worth $166,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of EVGO. Vanguard Group Inc. increased its position in EVgo by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 9,698,722 shares of the company’s stock worth $24,344,000 after buying an additional 37,168 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in EVgo by 11.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 63,392 shares of the company’s stock valued at $160,000 after purchasing an additional 6,633 shares during the period. Bayesian Capital Management LP grew its position in EVgo by 183.0% in the 1st quarter. Bayesian Capital Management LP now owns 63,400 shares of the company’s stock worth $159,000 after purchasing an additional 41,001 shares during the last quarter. Tidal Investments LLC grew its position in EVgo by 32.2% in the 1st quarter. Tidal Investments LLC now owns 317,945 shares of the company’s stock worth $798,000 after purchasing an additional 77,354 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of EVgo by 47.0% during the 2nd quarter. SG Americas Securities LLC now owns 24,049 shares of the company’s stock worth $59,000 after purchasing an additional 7,687 shares during the period. Institutional investors and hedge funds own 17.44% of the company’s stock.

Insider Activity at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.14, for a total transaction of $856,966.50. Following the sale, the chief executive officer now owns 348,761 shares of the company’s stock, valued at $1,792,631.54. This represents a 32.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 66.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on EVGO shares. Marathon Capitl raised EVgo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. TD Cowen raised EVgo from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $5.00 to $7.00 in a report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded EVgo from a “neutral” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Thursday, October 3rd. Stifel Nicolaus lifted their price target on shares of EVgo from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Needham & Company LLC restated a “hold” rating on shares of EVgo in a research note on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $6.61.

EVgo Stock Performance

EVGO opened at $6.51 on Friday. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -15.50 and a beta of 2.38. The firm’s 50-day simple moving average is $6.46 and its 200-day simple moving average is $4.31. EVgo, Inc. has a twelve month low of $1.65 and a twelve month high of $9.07.

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