ChargePoint Holdings, Inc. Share Sale by CFO
ChargePoint (NYSE:CHPT) Holdings, Inc.’s CFO, Mansi Khetani, recently sold shares valued over $31,000 to meet tax obligations from restricted stock unit vesting.
Transaction Details
The sale, conducted on September 23, 2024, involved 23,409 shares of Common Stock at a weighted average price between $1.35 and $1.36. Post-transaction, Khetani retains 849,084 shares. This sale wasn’t optional but necessary for tax obligations via a “sell to cover” method, common among executives.
ChargePoint, categorized under Miscellaneous Transportation Equipment, operates from its headquarters at 240 East Hacienda Avenue, Campbell, California. Details on share sales can be requested from the Issuer or the Securities and Exchange Commission for transparency regarding executive financial dealings.
Recent Developments
ChargePoint has secured over $19 million to install 248 DC fast charging ports across 45 California sites, part of the National Electric Vehicle Infrastructure (NEVI) program approved by the California Energy Commission. Additionally, David Vice has been appointed as the new Chief Revenue Officer to aid growth.
Despite a revenue of $109 million in Q2 fiscal year 2025 falling short of the anticipated $114 million, ChargePoint’s management reports increasing utilization rates and customer interest for future revenues in fiscal 2026 and 2027. The aim is adjusted EBITDA positivity by FY 2026, improving hardware margins and subscription services.
Market Insights
According to InvestingPro, ChargePoint’s market cap is approximately $586.95 million, with a -71.14% total return over the past year, indicating market volatility. The company has seen a 20.94% revenue decline in the past twelve months and a gross profit margin of 11.16%. Analysts predict continued financial challenges this year. For detailed insights, InvestingPro offers additional analysis and tips on ChargePoint.
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