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

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

Several other hedge funds also recently modified their holdings of the company. Barclays PLC raised its stake in shares of EVgo by 280.6% during the third quarter. Barclays PLC now owns 132,981 shares of the company's stock valued at $551,000 after acquiring an additional 98,041 shares during the last quarter. Geode Capital Management LLC lifted its holdings in EVgo by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company's stock worth $10,020,000 after buying an additional 90,887 shares during the period. Tidal Investments LLC grew its position in shares of EVgo by 714.2% in the 3rd quarter. Tidal Investments LLC now owns 94,541 shares of the company's stock valued at $391,000 after buying an additional 82,929 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new stake in shares of EVgo in the fourth quarter valued at about $72,000. Finally, Rhumbline Advisers raised its position in shares of EVgo by 3.2% during the fourth quarter. Rhumbline Advisers now owns 148,541 shares of the company's stock worth $602,000 after acquiring an additional 4,622 shares during the last quarter. Institutional investors and hedge funds own 17.44% of the company's stock.

EVgo Price Performance

Shares of EVGO stock traded down $0.08 on Monday, hitting $2.77. The stock had a trading volume of 1,590,297 shares, compared to its average volume of 4,032,039. The business has a 50 day moving average of $2.62 and a 200 day moving average of $4.19. EVgo, Inc. has a 12-month low of $1.73 and a 12-month high of $9.07. The stock has a market cap of $848.51 million, a price-to-earnings ratio of -6.60 and a beta of 2.28.

EVgo (NASDAQ:EVGO - Get Free Report) last announced its 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 business had revenue of $67.51 million for the quarter, compared to analysts' expectations of $69.49 million. As a group, research analysts expect that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

EVGO has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. Stifel Nicolaus lowered their target price on shares of EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. UBS Group cut their price target on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $8.00 price objective on shares of EVgo in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. decreased their price target on shares of EVgo from $6.00 to $5.00 and set an "overweight" rating for the company in a research note on Wednesday, March 12th. Two investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $5.78.

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.