ChargePoint (NYSE:CHPT) Holdings, Inc. (NYSE:CHPT) executive Rebecca Chavez, who serves as the Chief Legal Officer and Corporate Secretary, recently sold 4,774 shares of company stock, garnering a total of $6,670. These transactions were conducted to meet tax withholding obligations related to the vesting of restricted stock units, according to the latest filings.
The sales took place on June 21, 2024, with the shares being sold at a weighted average price of $1.3972 each. It's noted that these shares were sold in multiple transactions at prices ranging from $1.35 to $1.40. Following the sale, Chavez still owns a substantial amount of ChargePoint stock, with 966,916 shares remaining in her possession.
It is important for investors to be aware that these stock sales were not discretionary trades by Chavez. Instead, they were required to cover tax liabilities as part of the company's equity incentive plans, which mandate a "sell to cover" transaction for such purposes. This is a common practice for executives receiving equity-based compensation, ensuring tax obligations are satisfied in a timely manner.
ChargePoint Holdings, Inc. specializes in electric vehicle charging infrastructure and technology. The company has been a key player in the growing electric vehicle market, providing solutions for charging at home, work, and in public spaces.
Investors and stakeholders in ChargePoint can request more detailed information about the exact prices at which the shares were sold within the reported range, as the executive has agreed to provide full details upon request to the Issuer and the Securities and Exchange Commission staff.
In other recent news, ChargePoint Holdings, Inc. reported its first quarter financial results for the fiscal year 2025. The company's revenue stood at $107 million, marking an 8% decrease from the previous quarter, yet surpassing the midpoint of its guidance. ChargePoint's non-GAAP gross margin was reported at 24%, with non-GAAP operating expenses down to $66 million. Despite a non-GAAP adjusted EBITDA loss of $36 million, the firm remains hopeful about the evolving EV market and its strategic initiatives.
ChargePoint has also surpassed one million charging locations worldwide, contributing to over 10 billion electric miles. The firm looks forward to recognizing most sales next year, focusing on reducing operating expenses in the upcoming months. Further, ChargePoint anticipates Q2 2025 revenue to be between $108 million and $118 million and is working towards achieving positive EBITDA by the end of the year.
Several partnerships and hardware co-development projects are underway to expand ChargePoint's market presence and product offerings. The company's partnerships with AcBel Polytech, Wistron NeWeb (WNC), and Airbnb are crucial steps in increasing its hardware development bandwidth and charging availability. These are the latest developments in ChargePoint's strategic priorities.
InvestingPro Insights
Amid the news of ChargePoint Holdings, Inc.'s (NYSE:CHPT) executive stock sale, it's essential to understand the broader financial context of the company. According to InvestingPro data, ChargePoint has a market capitalization of $601.8 million and is facing challenging financial metrics with a negative P/E ratio of -1.21, reflecting market skepticism about future earnings. Additionally, the company’s gross profit margin for the last twelve months as of Q1 2025 stands at a slender 4.8%, underscoring some of the operational challenges it faces.
Looking at recent performance, ChargePoint's stock has been under considerable pressure, with a 1-week price total return of -15.98% and a staggering 1-year price total return of -81.32%. This indicates a significant downturn in investor sentiment and market valuation. Moreover, the InvestingPro Tips highlight that analysts have revised their earnings upwards for the upcoming period, which could be a silver lining for the company despite the fact that they do not expect it to be profitable this year. Furthermore, ChargePoint's liquid assets exceed its short-term obligations, suggesting a degree of financial stability in the immediate future.
For those considering a deeper dive into ChargePoint's financial health and future prospects, InvestingPro offers a wealth of additional tips, with 15 more detailed insights available. These insights could prove invaluable for investors looking to make informed decisions, especially in light of the company's recent stock performance and executive transactions. To access these insights, interested individuals can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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