Wells Fargo & Company MN Has $1.24 Million Stock Holdings in EVgo, Inc. (NASDAQ:EVGO)

Wells Fargo & Company MN lowered its position in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) by 48.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 306,038 shares of the company's stock after selling 288,577 shares during the quarter. Wells Fargo & Company MN owned approximately 0.10% of EVgo worth $1,239,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Pamalican Asset Management Ltd acquired a new stake in EVgo in the fourth quarter worth $5,455,000. Landscape Capital Management L.L.C. acquired a new position in EVgo in the fourth quarter valued at about $2,619,000. ExodusPoint Capital Management LP bought a new stake in shares of EVgo in the fourth quarter worth about $1,523,000. Crescent Park Management L.P. acquired a new stake in shares of EVgo during the fourth quarter worth about $377,000. Finally, Trexquant Investment LP bought a new position in shares of EVgo during the 4th quarter valued at about $2,556,000. Institutional investors own 17.44% of the company's stock.

EVgo Trading Down 2.5 %

EVGO stock traded down $0.07 during mid-day trading on Wednesday, hitting $2.76. 1,742,309 shares of the company were exchanged, compared to its average volume of 4,105,443. 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 $2.62 and a 200-day simple moving average of $4.32. The stock has a market capitalization of $845.45 million, a PE ratio of -6.57 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.

Insiders Place Their Bets

In related news, President Dennis G. Kish sold 44,184 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $3.41, for a total transaction of $150,667.44. Following the sale, the president now owns 95,986 shares of the company's stock, valued at $327,312.26. This represents a 31.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 58.79% of the company's stock.

Wall Street Analyst Weigh In

EVGO has been the subject of a number of research reports. Stifel Nicolaus lowered their target price on EVgo from $10.00 to $8.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. Evercore ISI decreased their price target on shares of EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a research note on Monday, March 31st. 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. Finally, JPMorgan Chase & Co. cut their price target on shares of EVgo from $6.00 to $5.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, EVgo 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.