Corebridge Financial Inc. Sells 3,780 Shares of EVgo, Inc. (NASDAQ:EVGO)

Corebridge Financial Inc. cut its holdings in EVgo, Inc. (NASDAQ:EVGO) by 7.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,074 shares of the company’s stock after selling 3,780 shares during the quarter. Corebridge Financial Inc.’s holdings in EVgo were worth $203,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in EVgo by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 12,200,949 shares of the company’s stock worth $49,414,000 after buying an additional 2,043,449 shares during the period. State Street Corp raised its holdings in shares of EVgo by 25.3% during the third quarter. State Street Corp now owns 4,192,828 shares of the company’s stock valued at $17,358,000 after acquiring an additional 847,777 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in EVgo in the fourth quarter worth $2,321,000. Swiss National Bank bought a new stake in EVgo in the fourth quarter valued at $983,000. Finally, Prescott Group Capital Management L.L.C. purchased a new position in EVgo during the 4th quarter valued at $584,000. Hedge funds and other institutional investors own 17.44% of the company’s stock.

Insider Activity at EVgo

In other EVgo news, President Dennis G. Kish sold 44,184 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.41, for a total value of $150,667.44. Following the completion of the transaction, the president now 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 66.96% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.00 target price on shares of EVgo in a research report on Wednesday, March 5th. Evercore ISI cut their price objective on EVgo from $7.00 to $4.00 and set an “outperform” rating on the stock in a research report on Monday, March 31st. JPMorgan Chase & Co. reduced their target price on EVgo from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. 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. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, EVgo has a consensus rating of “Buy” and an average target price of $5.78.

EVgo Price Performance

Shares of EVgo stock opened at $2.71 on Friday. EVgo, Inc. has a 1 year low of $1.65 and a 1 year high of $9.07. The firm’s 50-day moving average is $2.72 and its 200 day moving average is $4.58. The stock has a market cap of $830.14 million, a price-to-earnings ratio of -6.45 and a beta of 2.28.

EVgo (NASDAQ:EVGO) last issued its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping 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. On average, equities analysts expect that EVgo, Inc. will post -0.45 EPS for the current fiscal 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.