ChargePoint Interim CFO Sells Over $26k in Company Stock
ChargePoint Holdings, Inc.'s Interim Chief Financial Officer, Mansi Khetani, recently sold a portion of her company stock, netting over $26,000. This transaction, which took place on June 21, 2024, involved the sale of 19,007 shares of common stock at a weighted average price of $1.3971 per share.
Sale Details and Context
Investors might be interested to know that this sale was part of a "sell to cover" transaction. This means the sale was done to cover tax obligations related to the vesting of restricted stock units. According to the filing, these shares were sold in multiple transactions with prices ranging from $1.35 to $1.40 per share. It’s important to note that this sale was not a personal decision by Khetani but a required action under the company's equity incentive plans.
Khetani Remains a Significant Shareholder
Despite this sale, Khetani continues to hold a substantial number of shares in ChargePoint, specifically 402,493 shares of common stock. The details of the transaction, including the exact number of shares sold at each price, are available to both ChargePoint and, upon request, to the staff of the Securities and Exchange Commission.
About ChargePoint Holdings, Inc.
ChargePoint Holdings, Inc., known for its role in the electric vehicle (EV) charging industry, trades its shares publicly under the ticker CHPT. The company's headquarters is located at 240 East Hacienda Avenue, Campbell, CA 95008.
Financial Performance and Strategic Initiatives
In other recent news, ChargePoint reported its Q1 2025 financial results. The company's revenue reached $107 million, down 8% from the previous quarter but still exceeding the midpoint of its guidance. The non-GAAP gross margin was 24%, and operating expenses were reduced to $66 million. Despite achieving these milestones, the company faced an adjusted EBITDA loss of $36 million.
ChargePoint has achieved over one million charging locations worldwide and contributed to over 10 billion electric miles. The company expects most sales to be recognized next year and is focusing on reducing operating expenses. Additionally, ChargePoint is developing new partnerships and hardware projects to expand its market presence.
For Q2 2025, the company forecasts revenue between $108 million and $118 million. ChargePoint aims to achieve positive EBITDA by the end of the year.
Market Analysis and Analyst Observations
ChargePoint Holdings, Inc. has been navigating a challenging financial landscape. With a market capitalization of $601.8 million, the company’s valuation has come under investor scrutiny. The stock's performance has been notably volatile, with a 1-week price total return of -15.98% and a 1-year price total return of -81.32%. The stock price is now at 15.38% of its 52-week high, with a previous close at $1.5.
Analysts have had mixed views on ChargePoint’s outlook. While three analysts have revised their earnings upwards, suggesting potential optimism, there are concerns about the company’s financial health. ChargePoint is quickly burning through cash and has weak gross profit margins, recorded at 4.8% for the last twelve months as of Q1 2025. Moreover, the company is not expected to be profitable this year, and its stock price has been significantly impacted over various time frames, including the last week, month, and year.
Conclusion
These insights and data points provide a broader context for understanding the recent sale of stock by ChargePoint's Interim CFO, Mansi Khetani, and the potential implications for investors considering the company's performance and prospects.
