Pictet Asset Management Holding SA Raises Stock Position in EVgo Inc. $EVGO

Pictet Asset Management Holding SA grew its holdings in EVgo Inc. (NASDAQ:EVGO) by 78.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,273,200 shares of the company’s stock after buying an additional 996,815 shares during the period. Pictet Asset Management Holding SA’s holdings in EVgo were worth $6,615,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. purchased a new position in shares of EVgo in the 3rd quarter worth $49,000. Banco BTG Pactual S.A. purchased a new position in shares of EVgo in the 2nd quarter worth $41,000. Russell Investments Group Ltd. grew its stake in shares of EVgo by 1,095.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 11,154 shares of the company’s stock worth $53,000 after buying an additional 10,221 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in shares of EVgo in the 3rd quarter worth $55,000. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of EVgo in the 3rd quarter worth $65,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

EVgo Stock Performance

EVgo stock opened at $2.17 on Monday. The firm has a 50-day moving average price of $2.14 and a 200-day moving average price of $2.87. The firm has a market capitalization of $679.39 million, a PE ratio of -6.78 and a beta of 2.83. EVgo Inc. has a 12-month low of $1.64 and a 12-month high of $5.18.

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