EVgo chief legal officer sells over $45k in company stock

EVgo Inc. (NASDAQ:), a leader in electric vehicle charging solutions, has reported a recent transaction by its Chief Legal Officer, Francine Sullivan. In a move that caught the attention of investors, Sullivan sold a total of 12,584 shares of Class A Common Stock at prices ranging from $3.52 to $3.652, resulting in a total value of approximately $45,277.

The transaction was executed on August 12, 2024, and was part of a mandatory sell to cover tax withholding obligations associated with the vesting of Restricted Stock Units (RSUs). The RSUs were awarded under the company’s 2021 Long Term Incentive Plan and vested in three equal annual installments, contingent on Sullivan’s continued employment with the company.

The sales are a part of a prearranged 10b5-1 trading plan, which allows company insiders to sell stocks at predetermined times to avoid accusations of insider trading. This particular plan was adopted on September 28, 2023.

It is important to note that the reported sales are intended to cover tax obligations and are not discretionary trades by Sullivan. The weighted average price for the shares sold was $3.598.

Following the sale, Francine Sullivan’s ownership in EVgo Inc. stands at 117,327 shares of Class A Common Stock. This recent filing provides transparency into the transactions of EVgo’s executives and may be of interest to current and potential investors monitoring the company’s insider activities.

In other recent news, EVgo Inc., a provider of electric vehicle charging solutions, has reported positive financial results, with a significant 32% increase in year-over-year revenue, surpassing $66 million in the second quarter of 2024. In addition, the company’s customer base has grown to exceed 1 million. Financial services firm Stifel has adjusted its stock price target for EVgo to $6.00 from the previous $7.00, maintaining a Buy rating on the stock. The firm’s projections for EVgo are optimistic, predicting the company will reach approximately $200+ million in positive annualized EBITDA within the next 3 to 5 years.

Cantor Fitzgerald, another financial firm, has raised its price target for EVgo’s shares to $5.00, up from the previous $4.00, based on anticipated growth in the company’s network throughput. The firm also expects the company’s revenue estimate for the fiscal year 2024 to rise to $258.6 million.

These recent developments highlight EVgo’s solid performance and strategic initiatives aimed at sustaining growth. The company plans to add up to 900 new charging stalls within the year, furthering its expansion. EVgo’s target of achieving adjusted EBITDA breakeven by 2025 is in sight, reflecting the company’s positive financial trajectory.

InvestingPro Insights

In light of the recent transaction by EVgo Inc.’s Chief Legal Officer, Francine Sullivan, investors may be looking for further context on the company’s financial health and market performance. Here are some insights based on real-time data and InvestingPro Tips that could provide additional layers to the story.

EVgo’s market capitalization stands at a solid $1.12 billion, reflecting the market’s valuation of the company. Despite challenges, the company has shown impressive revenue growth over the last twelve months as of Q2 2024, with an increase of 82.01%. This growth momentum is also evident in the quarterly figures, where revenue growth was 31.78% for Q2 2024.

InvestingPro Tips highlight that EVgo holds more cash than debt on its balance sheet, which is a positive sign of financial stability. In addition, analysts anticipate sales growth in the current year, suggesting that the company’s growth trajectory is expected to continue. However, it’s worth noting that EVgo’s stock price has experienced significant volatility, which could be a point of consideration for risk-averse investors.

For investors seeking a deeper dive into EVgo’s performance and prospects, there are additional InvestingPro Tips available. For instance, the company’s valuation implies a poor free cash flow yield and analysts do not anticipate the company will be profitable this year. These insights, among others, can be found on the InvestingPro platform, which currently lists a total of 14 tips for EVgo at https://www.investing.com/pro/EVGO.

Understanding these financial metrics and analyst insights can help investors make more informed decisions, especially in the context of insider transactions and the company’s overall strategic direction.

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