Evgo holdings sells shares worth $115 million in public offering

EVgo Holdings, LLC, a significant stakeholder in EVgo Inc. (NASDAQ:EVGO), has sold 23 million shares of Class A Common Stock. The transaction, completed on December 18, was part of an underwritten public offering at a price of $5.00 per share, totaling $115 million. According to InvestingPro data, the stock has shown significant volatility, with a 72% surge over the past six months despite recent price fluctuations. Following this sale, EVgo Holdings no longer holds any shares in the company. This move marks a significant change in the ownership structure of EVgo Inc., a leading provider of electric vehicle charging solutions. With a market capitalization of $1.27 billion and strong revenue growth of 73% in the last twelve months, EVgo maintains a solid financial position, holding more cash than debt. For deeper insights into EVgo's valuation and 11 additional key investment tips, check out the comprehensive analysis available on InvestingPro.

In other recent news, EVgo, the electric vehicle charging company, has had a series of noteworthy developments. The company recently secured a $1.25 billion loan from the Department of Energy (DOE), which is set to support the firm's aggressive expansion plans, including the addition of 7,500 new fast-charging stalls. Stifel and Benchmark, two analyst firms, have maintained their Buy ratings on EVgo, with price targets of $10 and $12 respectively, reflecting confidence in EVgo's strategy and the anticipated positive impact of the DOE loan.

In addition, an affiliate of LS Power Equity Partners, a major shareholder in EVgo, sold 23 million shares at a discount in a secondary offering. This transaction did not involve any shares from EVgo itself, and the company did not financially benefit from the offering. The offering was managed by renowned financial institutions, including JP Morgan, Goldman Sachs, Morgan Stanley (NYSE:MS), and Evercore.

These are recent developments for EVgo, a company that has demonstrated strong momentum with a 203% price return over the past six months and a record third-quarter revenue of $68 million. The firm's expansion plans are also backed by a partnership with General Motors (NYSE:GM), which has seen the opening of over 2,000 public fast charging stalls across the United States.

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