Corebridge Financial Inc. Decreases Holdings in EVgo, Inc. (NASDAQ:EVGO)

Corebridge Financial Inc. trimmed its position in shares of EVgo, Inc. (NASDAQ:EVGO) by 7.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 institutional investors and hedge funds have also recently modified their holdings of the company. Clear Harbor Asset Management LLC bought a new stake in shares of EVgo during the 4th quarter valued at about $72,000. Raymond James Financial Inc. bought a new position in shares of EVgo in the 4th quarter worth approximately $80,000. Virtu Financial LLC purchased a new position in shares of EVgo in the fourth quarter worth approximately $99,000. Fox Run Management L.L.C. bought a new stake in EVgo during the fourth quarter valued at approximately $101,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in EVgo during the fourth quarter valued at approximately $102,000. 17.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at EVgo

In other news, President Dennis G. Kish sold 44,184 shares of the company’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 transaction of $150,667.44. Following the sale, the president now directly owns 95,986 shares of the company’s stock, valued at $327,312.26. This represents a 31.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 66.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of EVgo in a research note on Wednesday, March 5th. UBS Group lowered their target price on EVgo from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. 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 report on Wednesday, March 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $8.00 price target on shares of EVgo in a research report on Wednesday, March 5th. Finally, Evercore ISI lowered 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. Two equities research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $5.78.

EVgo Trading Up 7.1 %

Shares of EVGO opened at $2.71 on Friday. EVgo, Inc. has a 12-month low of $1.65 and a 12-month high of $9.07. The company has a market capitalization of $830.14 million, a PE ratio of -6.45 and a beta of 2.28. The business’s 50 day moving average is $2.72 and its 200 day moving average is $4.58.

EVgo (NASDAQ:EVGO) last released its earnings results on Tuesday, March 4th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.04. The company had revenue of $67.51 million during the quarter, compared to analysts’ expectations of $69.49 million. Equities research analysts predict that EVgo, Inc. will post -0.45 earnings per share for the current year.

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.