Hussman Strategic Advisors Inc. Makes New Investment in EVgo, Inc. (NYSE:EVGO)

Hussman Strategic Advisors Inc. bought a new position in EVgo, Inc. (NYSE:EVGO) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 105,000 shares of the company’s stock, valued at approximately $425,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp increased its holdings in shares of EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company’s stock worth $17,358,000 after purchasing an additional 847,777 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of EVgo by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company’s stock worth $10,020,000 after purchasing an additional 90,887 shares in the last quarter. HITE Hedge Asset Management LLC increased its holdings in shares of EVgo by 105.0% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 413,906 shares of the company’s stock worth $1,714,000 after purchasing an additional 212,004 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of EVgo in the 3rd quarter worth $653,000. Finally, Rhumbline Advisers increased its holdings in shares of EVgo by 3.2% in the 4th quarter. Rhumbline Advisers now owns 148,541 shares of the company’s stock worth $602,000 after purchasing an additional 4,622 shares in the last quarter. Institutional investors own 17.44% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on EVGO. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Thursday, January 16th. UBS Group reduced their price objective on EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, January 27th. JPMorgan Chase & Co. reduced their price objective on EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Stifel Nicolaus upped their price objective on EVgo from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Two investment 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. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $6.11.

EVgo Stock Down 2.6 %

Shares of EVGO opened at $3.05 on Friday. The business has a 50-day simple moving average of $3.78 and a two-hundred day simple moving average of $4.96. The stock has a market cap of $924.61 million, a price-to-earnings ratio of -7.26 and a beta of 2.32. EVgo, Inc. has a 52 week low of $1.65 and a 52 week high of $9.07.

Insiders Place Their Bets

In other news, President Dennis G. Kish sold 17,379 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $4.32, for a total value of $75,077.28. Following the completion of the transaction, the president now owns 13,655 shares of the company’s stock, valued at $58,989.60. This represents a 56.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David Nanus sold 23,000,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $5.00, for a total value of $115,000,000.00. Following the completion of the transaction, the director now directly owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. This trade represents a 79.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,061,563 shares of company stock worth $115,225,745 over the last quarter. 66.96% of the stock is currently owned by corporate insiders.

EVgo 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.