HITE Portfolio Shifts
HITE Hedge Asset Management Adjusts Portfolio with Major Cuts in EVgo, Antero and New American Resources Stake
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Key Points
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After cutting its EVgo stake, HITE owned 1,624,427 shares—about 0.53% of the company—worth $4.727 million as of its most recent filing.
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Other hedge funds made sizable, offsetting EVgo moves: AQR Capital Management increased its stake by 1,188.1% to 494,598 shares, while Millennium Management grew to 5,819,392 shares; institutional investors collectively owned 17.44% of EVgo.
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EVgo’s market risk snapshot (beyond just leverage and earnings): the stock had a beta of 2.80, a 12-month low/high of $1.64/$5.18, and traded around $2.03 vs. its 50-day moving average and $2.54 vs. its 200-day moving average (per the same reporting).
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For American Resources (AREC), HITE’s ending position was 2.29% of the company, with the firm’s balance-sheet/market metrics including a debt-to-equity ratio of 0.14 and a beta of 1.09, plus a 1-year trading range of $0.73 to $7.11.
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In Antero Resources (AR), a listed company insider transaction accompanied the hedge-fund reshuffle: Director Benjamin A. Hardesty sold 12,000 shares at an average price of $44.00 for about $528,000 (reported in connection with the filing coverage).
HITE Hedge Asset Management slashed its EVgo stake by 44.9% in the fourth quarter, trimming its position to 1,624,427 shares worth $4.73 million, according to MarketBeat. At the same time, the energy-focused fund made a high-conviction bet on American Resources Corporation, buying 2.32 million shares — a brand-new position worth roughly $5.75 million.
The moves signal a shift in how one specialized energy investor sees the future: away from EV charging networks and toward the raw materials that power them.
EVgo Stake Cut as Stock Trades Below Key Averages
HITE now holds about 0.53% of EVgo — a company whose stock has struggled badly. EVgo trades near $2.03, below its 50-day moving average, and well below its 200-day moving average of $2.54, per MarketBeat. Its 12-month range stretches from $1.64 to $5.18. A beta of 2.80 means the stock swings nearly three times as hard as the broader market.
Not everyone is running. AQR Capital Management surged into EVgo, growing its stake by 1,188.1% to 494,598 shares. Millennium Management holds 5.82 million shares. Together, institutions own 17.44% of the company, per MarketBeat. Bulls argue the stock is near a floor and will benefit as more electric vehicles hit the road. Bears, including HITE, point to negative earnings and a prolonged downtrend.
HITE Opens New Position in Critical Minerals Play
HITE's biggest Q4 move was its entry into American Resources Corporation (AREC), a company focused on domestic production of rare-earth elements used in EV batteries. HITE bought 2.32 million shares, giving it about 2.29% of the company, per MarketBeat. The $5.75 million bet looks like a deliberate pivot: rather than fund the chargers, back the miners.
AREC looks less risky on paper than EVgo. Its debt-to-equity ratio is just 0.14, compared to EVgo's 0.88, per Stock Analysis. Its beta is 1.09 — far steadier than EVgo's 2.80. Still, analysts are split. H.C. Wainwright holds a "buy" rating, citing the $300 million replacement value of AREC's equipment. Other analysts moved toward "sell" after the company missed its annual report filing deadline, per the Indianapolis Business Journal.
Antero Resources Stake Cut 78.5% Before Insider Sale
HITE also dumped most of its Antero Resources position, cutting it by 78.5% to just 162,709 shares — about 0.05% of the company. The exit came near what now looks like a near-term price peak. Shortly after, Antero Director Benjamin A. Hardesty sold 12,000 shares at $44.00 each for roughly $528,000, per Stock Titan.
The near-simultaneous moves by HITE and an internal director suggest both saw limited upside at current prices. Antero's remaining institutional ownership has consolidated among giant indexers like Vanguard and BlackRock, leaving less room for boutique funds hunting outsized returns.
The Bigger Picture: Betting Upstream in the EV Chain
HITE's Q4 moves tell a clear story. The firm is moving "upstream" in the energy transition — away from services like EV charging and toward the raw materials and infrastructure that make it possible. EVgo CEO Badar Khan has stayed confident, saying the company has "100,000 potential stalls already identified," per Electrek. But HITE's math pointed elsewhere.
American Resources CEO Mark Jensen has pitched his company as a way to break U.S. reliance on Chinese rare-earth supply chains, per Investing.com. HITE's $5.75 million entry suggests at least one sophisticated energy investor agrees. With AREC's Q4 earnings due June 15, 2026, that bet will soon face its first major test.
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