Pictet Asset Management Holding SA Sells 363,649 Shares of EVgo, Inc. (NASDAQ:EVGO)

Pictet Asset Management Holding SA cut its stake in shares of EVgo, Inc. (NASDAQ:EVGO - Free Report) by 17.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,756,918 shares of the company's stock after selling 363,649 shares during the quarter. Pictet Asset Management Holding SA owned about 0.58% of EVgo worth $7,116,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in EVgo by 20.1% during the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company's stock valued at $49,414,000 after purchasing an additional 2,043,449 shares during the last quarter. State Street Corp raised its position in EVgo by 25.3% in the 3rd quarter. State Street Corp now owns 4,192,828 shares of the company's stock worth $17,358,000 after buying an additional 847,777 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in EVgo by 93.4% during the 4th quarter. JPMorgan Chase & Co. now owns 1,213,688 shares of the company's stock valued at $4,915,000 after acquiring an additional 586,108 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of EVgo during the 4th quarter valued at about $2,321,000. Finally, Swiss National Bank bought a new stake in shares of EVgo in the fourth quarter worth approximately $983,000. Hedge funds and other institutional investors own 17.44% of the company's stock.

EVgo Trading Down 6.2 %

NASDAQ EVGO traded down $0.16 on Tuesday, reaching $2.41. 5,298,733 shares of the stock were exchanged, compared to its average volume of 4,453,995. The firm has a market capitalization of $738.24 million, a PE ratio of -5.74 and a beta of 2.28. EVgo, Inc. has a one year low of $1.65 and a one year high of $9.07. The company's 50-day simple moving average is $2.79 and its two-hundred day simple moving average is $4.62.

EVgo (NASDAQ:EVGO - Get Free Report) last released its 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 firm had revenue of $67.51 million for the quarter, compared to analysts' expectations of $69.49 million. Sell-side analysts forecast that EVgo, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at EVgo

In related news, President Dennis G. Kish sold 44,184 shares of the business's stock in a transaction that occurred on 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 66.96% of the company's stock.

Wall Street Analysts Forecast Growth

EVGO has been the topic of several research reports. Stifel Nicolaus dropped their target price on shares of EVgo from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $8.00 price objective on shares of EVgo in a research report on Wednesday, March 5th. 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 EVgo from $6.00 to $5.00 and set an "overweight" rating for the company in a research note on Wednesday, March 12th. Finally, UBS Group lowered their price objective on shares of EVgo from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Monday, January 27th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, EVgo currently has a consensus rating of "Buy" and an average price target 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.