Cushing Asset Management LP Sells 227,753 Shares of EVgo, Inc. (NYSE:EVGO)

Cushing Asset Management LP lowered its position in shares of EVgo, Inc. (NYSE:EVGO – Get Rating) by 82.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 50,000 shares of the company’s stock after selling 227,753 shares during the quarter. Cushing Asset Management LP’s holdings in EVgo were worth $497,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wolverine Asset Management LLC bought a new position in EVgo during the 4th quarter worth $119,000. Commonwealth Equity Services LLC increased its stake in EVgo by 49.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 40,689 shares of the company’s stock worth $404,000 after acquiring an additional 13,401 shares during the period. Alps Advisors Inc. bought a new position in EVgo during the 4th quarter worth $6,168,000. Pictet Asset Management SA increased its stake in EVgo by 47.9% during the 4th quarter. Pictet Asset Management SA now owns 3,991,750 shares of the company’s stock worth $39,678,000 after acquiring an additional 1,293,481 shares during the period. Finally, National Asset Management Inc. increased its stake in EVgo by 124.0% during the 4th quarter. National Asset Management Inc. now owns 47,590 shares of the company’s stock worth $474,000 after acquiring an additional 26,340 shares during the period. Institutional investors own 9.91% of the company’s stock.

A number of equities analysts have commented on EVGO shares. Zacks Investment Research upgraded EVgo from a “sell” rating to a “hold” rating in a research note on Monday, May 30th. Cantor Fitzgerald assumed coverage on EVgo in a report on Thursday, April 28th. They issued an “overweight” rating and a $14.00 target price on the stock. Tudor Pickering assumed coverage on EVgo in a report on Thursday, April 21st. They issued a “buy” rating and a $16.00 target price on the stock. Citigroup reduced their target price on EVgo from $11.00 to $10.00 in a report on Monday, May 16th. Finally, Credit Suisse Group raised EVgo from a “neutral” rating to an “outperform” rating and set a $14.00 target price on the stock in a report on Thursday, May 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.00.

NYSE EVGO opened at $9.59 on Friday. EVgo, Inc. has a twelve month low of $6.90 and a twelve month high of $19.59. The business’s fifty day moving average is $10.34 and its 200 day moving average is $10.45.

EVgo (NYSE:EVGO – Get Rating) last announced its earnings results on Wednesday, March 23rd. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.13. The company had revenue of $7.12 million for the quarter, compared to the consensus estimate of $5.90 million. On average, analysts forecast that EVgo, Inc. will post -0.72 earnings per share for the current fiscal year.

EVgo Profile (Get Rating)

EVgo, Inc owns and operates a direct current fast charging network 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.

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