Monashee Investment Management LLC Acquires Shares of 490,000 EVgo, Inc. (NASDAQ:EVGO)

Monashee Investment Management LLC bought a new position in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 490,000 shares of the company's stock, valued at approximately $1,984,000. EVgo comprises 0.3% of Monashee Investment Management LLC's portfolio, making the stock its 26th biggest holding. Monashee Investment Management LLC owned approximately 0.16% of EVgo as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of EVGO. Mariner LLC acquired a new stake in shares of EVgo during the fourth quarter worth $48,000. SCP Investment LP purchased a new position in EVgo during the fourth quarter worth about $60,000. Clear Harbor Asset Management LLC acquired a new stake in EVgo in the 4th quarter worth about $72,000. Polymer Capital Management US LLC acquired a new stake in EVgo in the 4th quarter worth about $73,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in EVgo in the 4th quarter valued at about $80,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Stock Up 1.4 %

Shares of NASDAQ EVGO traded up $0.04 on Friday, hitting $2.85. The company had a trading volume of 2,276,368 shares, compared to its average volume of 4,061,891. The firm has a market capitalization of $873.02 million, a P/E ratio of -6.79 and a beta of 2.28. EVgo, Inc. has a 12-month low of $1.73 and a 12-month high of $9.07. The business has a 50 day moving average of $2.62 and a two-hundred day moving average of $4.24.

EVgo (NASDAQ:EVGO - Get Free Report) last posted its earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.04. The firm had revenue of $67.51 million for the quarter, compared to analyst estimates of $69.49 million. On average, sell-side analysts anticipate that EVgo, Inc. will post -0.45 earnings per share for the current year.

Insider Activity

In related news, President Dennis G. Kish sold 44,184 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the transaction, the president now owns 95,986 shares in the company, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 58.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on EVGO. Needham & Company LLC reissued a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. Cantor Fitzgerald reissued an "overweight" rating and set a $8.00 price objective on shares of EVgo in a research note on Wednesday, March 5th. Stifel Nicolaus dropped their price objective on EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. reduced their target price on EVgo from $6.00 to $5.00 and set an "overweight" rating on the stock in a report on Wednesday, March 12th. Finally, Evercore ISI dropped their price target on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research note on Monday, March 31st. Two 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 company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $5.78.

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.