Wells Fargo & Company MN Sells 288,577 Shares of EVgo, Inc. (NASDAQ:EVGO)

Wells Fargo & Company MN cut its position in EVgo, Inc. (NASDAQ:EVGO - Free Report) by 48.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 306,038 shares of the company's stock after selling 288,577 shares during the quarter. Wells Fargo & Company MN owned about 0.10% of EVgo worth $1,239,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of 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 acquiring an additional 2,043,449 shares during the period. JPMorgan Chase & Co. grew its holdings in EVgo by 93.4% during the fourth quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock worth $4,915,000 after purchasing an additional 586,108 shares during the period. Quantbot Technologies LP acquired a new position in EVgo during the fourth quarter worth approximately $523,000. Geode Capital Management LLC raised its stake in EVgo by 3.9% in the third quarter. Geode Capital Management LLC now owns 2,419,863 shares of the company's stock valued at $10,020,000 after buying an additional 90,887 shares during the period. Finally, Crescent Park Management L.P. bought a new stake in EVgo in the fourth quarter valued at approximately $377,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EVGO. Cantor Fitzgerald reissued an "overweight" rating and set a $8.00 target price on shares of EVgo in a report on Wednesday, March 5th. Stifel Nicolaus dropped their price objective on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. UBS Group reduced their target price on shares of EVgo from $8.00 to $5.00 and set a "buy" rating for the company in a report on Monday, January 27th. Needham & Company LLC reissued a "hold" rating on shares of EVgo in a report on Wednesday, March 5th. Finally, Evercore ISI decreased their target price on EVgo from $7.00 to $4.00 and set an "outperform" rating on the stock in a research report on Monday, March 31st. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, EVgo currently has an average rating of "Buy" and an average price target of $5.78.

Insiders Place Their Bets

In related news, President Dennis G. Kish sold 44,184 shares of EVgo 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 sale, the president now directly owns 95,986 shares of the company's stock, valued at approximately $327,312.26. The trade was a 31.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 58.79% of the company's stock.

EVgo Price Performance

NASDAQ:EVGO traded up $0.04 during mid-day trading on Friday, reaching $2.85. The stock had a trading volume of 2,276,368 shares, compared to its average volume of 4,061,891. EVgo, Inc. has a 12 month low of $1.73 and a 12 month high of $9.07. The stock has a market capitalization of $873.02 million, a PE ratio of -6.79 and a beta of 2.28. The stock has a 50-day simple moving average of $2.62 and a two-hundred day simple moving average of $4.21.

EVgo (NASDAQ:EVGO - Get Free Report) last issued 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 business had revenue of $67.51 million during the quarter, compared to the consensus estimate of $69.49 million. Equities analysts expect that EVgo, Inc. will post -0.45 EPS for the current year.

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.