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Dennis Kish, President of EVgo Inc. (NASDAQ:EVGO), has recently sold 44,184 shares of the company’s Class A common stock, amounting to a total value of approximately $150,556. The shares were sold at an average price of $3.4075 per share. The transaction comes as EVgo, currently valued at $373 million, trades significantly below its 52-week high of $9.07, according to InvestingPro data.
The transaction, which took place on February 3, 2025, was part of Kish’s 10b5-1 trading plan adopted in March 2024. This plan also aligns with EVgo’s policy requiring sales to cover tax withholding obligations linked to vesting events. Following this sale, Kish holds 95,986 shares of EVgo. InvestingPro analysis indicates the stock currently shows signs of being oversold, with 12 additional exclusive insights available to subscribers.
In addition to the sale, Kish acquired a total of 78,901 shares through the exercise of restricted stock units (RSUs) on January 31, 2025. These RSUs were part of EVgo’s 2021 Long Term Incentive Plan, with no cash consideration involved in these transactions. The company maintains a strong financial position with a current ratio of 2.19, indicating solid short-term liquidity.
In other recent news, EVgo, a prominent provider of public fast charging for electric vehicles, has been the focus of several significant developments. The company secured a $75 million drawdown from a $1.25 billion loan guaranteed by the U.S. Department of Energy to support its expansion plans. This funding is set to facilitate the construction of about 7,500 new public fast charging stalls, aiming to grow its network to at least 10,000 fast charging stalls by 2029.
On the analysis front, Needham maintained a Hold rating on EVgo, expressing optimism about the company’s strategic positioning amidst the rapid growth of electric vehicles. However, they anticipate that the positive trends EVgo is currently experiencing may start to level off. In contrast, Stifel has reaffirmed a Buy rating on EVgo with a price target of $10, highlighting the recent completion of EVgo’s loan agreement with the U.S. Department of Energy.
In other company news, an affiliate of EVgo, EVgo Holdings, LLC, under LS Power Equity Partners IV, L.P., announced plans to sell 23 million shares of Class A common stock in a secondary public offering. The company will not benefit financially from this offering, as all proceeds will go to LS Power. Lastly, it is important to note that these developments are recent and may have potential implications for the company’s future.
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