JPMorgan Chase & Co. Buys 586,108 Shares of EVgo, Inc. (NASDAQ:EVGO)

JPMorgan Chase & Co. boosted its stake in EVgo, Inc. (NASDAQ:EVGO - Free Report) by 93.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,213,688 shares of the company's stock after buying an additional 586,108 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.40% of EVgo worth $4,915,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Clear Harbor Asset Management LLC acquired a new position in EVgo in the 4th quarter valued at $72,000. Raymond James Financial Inc. purchased a new position in shares of EVgo in the 4th quarter valued at $80,000. Virtu Financial LLC acquired a new position in shares of EVgo during the 4th quarter valued at $99,000. Fox Run Management L.L.C. purchased a new stake in EVgo during the 4th quarter worth $101,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of EVgo during the fourth quarter worth about $102,000. Institutional investors and hedge funds own 17.44% of the company's stock.

EVgo Stock Up 2.4 %

EVGO stock traded up $0.06 during midday trading on Thursday, reaching $2.60. The stock had a trading volume of 405,378 shares, compared to its average volume of 4,196,042. The business has a fifty day simple moving average of $2.64 and a two-hundred day simple moving average of $4.45. The firm has a market cap of $796.44 million, a price-to-earnings ratio of -6.19 and a beta of 2.28. EVgo, Inc. has a twelve month low of $1.65 and a twelve month high of $9.07.

EVgo (NASDAQ:EVGO - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.04. The business had revenue of $67.51 million during the quarter, compared to analyst estimates of $69.49 million. On average, equities analysts predict that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other EVgo news, President Dennis G. Kish sold 44,184 shares of the stock in a transaction dated 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 in the company, 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 at the SEC website. 58.79% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. UBS Group reduced their target price 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. Needham & Company LLC reissued a "hold" rating on shares of EVgo in a research report on Wednesday, March 5th. 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 report on Wednesday, March 12th. Evercore ISI lowered their price objective on EVgo from $7.00 to $4.00 and set an "outperform" rating for the company in a report on Monday, March 31st. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $8.00 price target on shares of EVgo in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, EVgo has an average rating of "Buy" and an average target price of $5.78.

EVgo 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.