Fortress Investment Group LLC Invests $405,000 in EVgo, Inc. (NASDAQ:EVGO)

Fortress Investment Group LLC purchased a new position in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 100,000 shares of the company's stock, valued at approximately $405,000. EVgo accounts for approximately 0.1% of Fortress Investment Group LLC's investment portfolio, making the stock its 18th largest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Mariner LLC purchased a new position in shares of EVgo during the fourth quarter valued at approximately $48,000. FORA Capital LLC purchased a new position in EVgo during the 4th quarter valued at $56,000. SCP Investment LP bought a new position in EVgo in the 4th quarter valued at $60,000. Clear Harbor Asset Management LLC purchased a new stake in EVgo in the fourth quarter worth $72,000. Finally, Polymer Capital Management US LLC bought a new stake in shares of EVgo during the fourth quarter worth $73,000. 17.44% of the stock is currently owned by institutional investors.

EVgo Price Performance

Shares of EVGO stock opened at $3.66 on Friday. The stock's 50-day moving average is $2.71 and its 200 day moving average is $4.08. EVgo, Inc. has a 1-year low of $1.80 and a 1-year high of $9.07. The company has a market cap of $1.12 billion, a P/E ratio of -8.71 and a beta of 2.27.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.02. The firm had revenue of $75.29 million during the quarter, compared to the consensus estimate of $70.11 million. The firm's quarterly revenue was up 36.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.09) earnings per share. On average, analysts anticipate that EVgo, Inc. will post -0.45 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on EVGO shares. Stifel Nicolaus cut their price target on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Roth Capital reaffirmed a "buy" rating on shares of EVgo in a research report on Wednesday. Cantor Fitzgerald reiterated an "overweight" rating and issued a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. Evercore ISI reduced their price objective on EVgo from $7.00 to $4.00 and set an "outperform" rating on the stock in a report on Monday, March 31st. Finally, JPMorgan Chase & Co. reiterated an "overweight" rating on shares of EVgo in a report on Thursday. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $6.25.

About EVgo

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.

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