JPMorgan Chase & Co. Sells 510,393 Shares of EVgo Inc. $EVGO

JPMorgan Chase & Co. reduced its holdings in shares of EVgo Inc. (NASDAQ:EVGO) by 41.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 722,191 shares of the company’s stock after selling 510,393 shares during the period. JPMorgan Chase & Co. owned 0.23% of EVgo worth $3,416,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in EVGO. Vanguard Group Inc. boosted its position in shares of EVgo by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 12,399,808 shares of the company’s stock valued at $58,651,000 after purchasing an additional 157,376 shares in the last quarter. Millennium Management LLC increased its holdings in EVgo by 25.9% in the first quarter. Millennium Management LLC now owns 5,819,392 shares of the company’s stock worth $15,480,000 after purchasing an additional 1,195,470 shares in the last quarter. Soros Fund Management LLC lifted its stake in EVgo by 342.2% in the second quarter. Soros Fund Management LLC now owns 4,976,983 shares of the company’s stock valued at $18,166,000 after buying an additional 3,851,583 shares during the period. HITE Hedge Asset Management LLC boosted its holdings in shares of EVgo by 13.8% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 2,946,791 shares of the company’s stock worth $13,938,000 after buying an additional 356,614 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of EVgo by 57.4% during the 3rd quarter. Invesco Ltd. now owns 2,097,138 shares of the company’s stock worth $9,919,000 after buying an additional 764,711 shares during the period. 17.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on EVGO shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of EVgo in a research report on Thursday, January 22nd. Cantor Fitzgerald reduced their price target on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, March 4th. Benchmark reaffirmed a “buy” rating on shares of EVgo in a research note on Monday, March 2nd. Royal Bank Of Canada dropped their price objective on shares of EVgo from $7.00 to $4.50 and set an “outperform” rating on the stock in a report on Wednesday, March 4th. Finally, JPMorgan Chase & Co. restated a “neutral” rating on shares of EVgo in a research note on Wednesday, March 25th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $5.58.

EVgo Stock Performance

NASDAQ EVGO opened at $1.71 on Friday. The company has a fifty day simple moving average of $2.50 and a 200 day simple moving average of $3.23. EVgo Inc. has a 12-month low of $1.64 and a 12-month high of $5.18. The company has a market cap of $535.37 million, a P/E ratio of -5.34 and a beta of 2.80.

EVgo (NASDAQ:EVGO) last released its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.10. The business had revenue of $118.47 million for the quarter. During the same quarter last year, the firm posted ($0.11) EPS. The company’s revenue was up 75.5% on a year-over-year basis. Sell-side analysts predict that EVgo Inc. will post -0.45 EPS for the current year.

EVgo Company Profile

EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.

The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.