Invesco Ltd. Sells 288,193 Shares of EVgo, Inc. (NASDAQ:EVGO)

Invesco Ltd. lowered its position in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) by 18.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,310,323 shares of the company's stock after selling 288,193 shares during the quarter. Invesco Ltd. owned 0.43% of EVgo worth $5,307,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in EVGO. Vanguard Group Inc. increased its stake in EVgo by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after buying an additional 2,043,449 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of EVgo in the fourth quarter valued at about $523,000. JPMorgan Chase & Co. increased its position in shares of EVgo by 93.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock valued at $4,915,000 after acquiring an additional 586,108 shares during the last quarter. Geode Capital Management LLC raised its holdings in EVgo by 3.9% during the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company's stock worth $10,020,000 after acquiring an additional 90,887 shares in the last quarter. Finally, Crescent Park Management L.P. acquired a new position in EVgo during the fourth quarter valued at approximately $377,000. 17.44% of the stock is owned by institutional investors.

EVgo Trading Up 3.3 %

EVGO stock traded up $0.09 during mid-day trading on Thursday, hitting $2.85. 458,357 shares of the company were exchanged, compared to its average volume of 4,060,064. EVgo, Inc. has a 1-year low of $1.73 and a 1-year high of $9.07. The business has a 50 day simple moving average of $2.61 and a 200-day simple moving average of $4.31. The stock has a market capitalization of $873.02 million, a PE ratio of -6.79 and a beta of 2.28.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.04. The firm had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. Equities research analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current year.

Analysts Set New Price Targets

EVGO has been the subject of several recent analyst reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $8.00 price objective on shares of EVgo in a report on Wednesday, March 5th. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a research note on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price objective on shares of EVgo from $6.00 to $5.00 and set an "overweight" rating for the company in a research report on Wednesday, March 12th. UBS Group dropped their target price on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a report on Monday, January 27th. Finally, Stifel Nicolaus reduced their price target on EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $5.78.

Insider Buying and Selling

In other EVgo news, President Dennis G. Kish sold 44,184 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $3.41, for a total transaction of $150,667.44. Following the transaction, the president now owns 95,986 shares in the company, valued at $327,312.26. This represents a 31.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 58.79% of the stock is owned by insiders.

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.