EVgo Inc. (NASDAQ:EVGO) Chief Legal Officer Francine Sullivan has sold a portion of her holdings in the company, according to a recent SEC filing. The transactions, which occurred on June 3, 2024, involved the sale of 11,634 shares of Class A Common Stock at an average price of $1.989 per share, resulting in a total value of $23,140.
The sale was part of a prearranged 10b5-1 trading plan, a tool that allows insiders to sell shares at predetermined times to avoid accusations of insider trading. The price range for the shares sold was $1.940 to $2.080. It is important to note that these sales were not discretionary; they were required to cover tax withholding obligations connected to the vesting of Restricted Stock Units (RSUs) under the company's mandatory sell to cover policy.
In addition to the sales, Sullivan also acquired 25,291 shares of Class A Common Stock on May 31, 2024, through the vesting of RSUs awarded under the Issuer's 2021 Long Term Incentive Plan. These RSUs vested in three equal annual installments, contingent upon Sullivan's continued employment through each vesting date.
Following these transactions, Sullivan's direct ownership in the company stands at 102,554 shares of Class A Common Stock. This latest filing provides investors with up-to-date information on insider transactions, which can be an essential factor in making informed investment decisions.
InvestingPro Insights
Amidst insider transactions at EVgo Inc. (NASDAQ:EVGO), investors may find additional context in the company's financial health and market performance. According to recent data from InvestingPro, EVgo holds a market capitalization of $585.94 million USD, reflecting its standing in the market. The company's Price / Book ratio, as of the last twelve months leading up to Q1 2024, is at a high 22.82, suggesting a premium valuation relative to its book value. This metric can be particularly relevant for investors assessing the company's asset valuation in the context of insider sales.
InvestingPro Tips also reveal critical aspects of EVgo's financial trajectory. Analysts anticipate sales growth in the current year, which is corroborated by a significant revenue growth of 164.33% over the last twelve months as of Q1 2024. This growth perspective may balance concerns regarding the company's profitability challenges, as analysts do not expect EVgo to be profitable this year. Furthermore, while EVgo is navigating through a rapid cash burn, it is noteworthy that the company's liquid assets exceed its short-term obligations, providing a cushion for its operational needs.
For investors intrigued by the dynamics of EVgo's stock, it's worth noting that the price has experienced a considerable decline over the past year, with a 51.61% drop. While this may raise caution, it could also present a potential entry point for investors believing in the company's long-term prospects. To explore additional insights and make more informed decisions, investors can access over 13 additional InvestingPro Tips for EVgo at InvestingPro. Plus, take advantage of an exclusive offer with coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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