EVgo Inc. executive sells shares worth over $3,300
EVGO
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EVgo Inc. (NASDAQ:EVGO) Chief Legal Officer Francine Sullivan sold 1,400 shares of company stock on March 19, 2024, for a total transaction value of over $3,300. The shares were sold at a price of $2.386 each, according to a recent SEC filing.
The transaction has adjusted Sullivan’s direct holdings in EVgo Inc. to 88,897 shares of Class A Common Stock following the sale.
In addition to the sale, the filing also disclosed that on March 15, 2024, Sullivan was awarded 200,000 Restricted Stock Units (RSUs) and 66,667 Performance-Based Restricted Stock Units (PRSUs) under the issuer’s 2021 Long Term Incentive Plan. The RSUs and PRSUs are set to vest in three equal installments on the first three anniversaries of the award date, subject to continued employment through each vesting date.
The PRSUs have additional performance criteria that must be met based on the share price of EVgo Inc. Common Stock. The performance goals are tied to achieving a specified per-share price calculated based on a 20-day volume-weighted average price at any time prior to March 15, 2029.
These equity awards are designed to align the interests of the company’s executives with those of the shareholders by incentivizing long-term performance and retention.
EVgo Inc. operates a network of electric vehicle charging stations and is a leader in the electric vehicle charging industry. The company’s stock trades on the NASDAQ exchange under the ticker symbol EVGO.
InvestingPro Insights
As EVgo Inc. (NASDAQ:EVGO) navigates the dynamic electric vehicle charging market, its financial health and stock performance continue to be areas of interest for investors. The recent sale of shares by Chief Legal Officer Francine Sullivan may raise questions regarding the company’s stock value and future outlook. To provide a clearer picture of EVgo’s current standing, here are some key insights based on real-time data from InvestingPro.
InvestingPro Data shows a significant revenue growth for EVgo, with the last twelve months as of Q4 2023 indicating a 194.85% increase. This impressive surge reflects the expanding market for electric vehicle charging solutions and EVgo’s growing footprint in the industry. However, the company’s P/E Ratio (Adjusted) for the same period stands at -6.25, underscoring the challenges it faces in achieving profitability.
The stock’s price has experienced considerable volatility, as evidenced by a 55.15% decline in the 1 Year Price Total Return as of 2024. This could be attributed to the broader market conditions or specific operational hurdles the company may be facing. Analysts, as highlighted in one of the InvestingPro Tips, do not anticipate EVgo will be profitable this year, which could contribute to investor caution.
Despite these challenges, EVgo holds a notable cash position relative to its debt, as another InvestingPro Tip points out. This financial stability could provide the company with the necessary resources to invest in strategic growth initiatives and weather the competitive pressures of the industry.
For investors looking for a more in-depth analysis of EVgo Inc., there are additional InvestingPro Tips available, which could provide further guidance on the company’s stock performance and financial health. To access these tips and gain a comprehensive understanding of EVgo’s potential, use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 15 additional InvestingPro Tips listed for EVgo, investors can be well-equipped to make informed decisions.
