ChargePoint interim CFO sells over $35k in company stock By

© Reuters.

ChargePoint (NYSE:) Holdings, Inc.’s (NYSE:CHPT) Interim Chief Financial Officer, Mansi Khetani, has recently sold a portion of her company stock, according to the latest filings. The transaction, which occurred on March 21, 2024, involved the sale of 19,035 shares at a price of $1.87 per share, resulting in a total sale value of approximately $35,595.

The sold shares were reportedly connected to tax withholding obligations related to the vesting of restricted stock units. As per the company’s equity incentive plans, these transactions are required to cover tax liabilities through a “sell to cover” arrangement and are not considered discretionary trades by the reporting individual.

Following the sale, Khetani retains ownership of 421,500 shares of ChargePoint Holdings, indicating a continued investment in the company’s future. ChargePoint, known for its role in the electric vehicle charging industry, has its headquarters in Campbell, California, and operates under the trading symbol NYSE:CHPT.

Investors often monitor insider transactions as they may provide insights into the company’s financial health and the confidence level of its executives. The sale by Khetani is a routine procedure to satisfy tax obligations and does not necessarily reflect a change in the executive’s outlook on the company’s prospects.

The transaction details were made public through the mandatory filing with the Securities and Exchange Commission. ChargePoint Holdings, Inc. has not issued any additional comments regarding the sale at this time.

InvestingPro Insights

As ChargePoint Holdings, Inc. (NYSE:CHPT) navigates the dynamic electric vehicle charging market, its financial metrics and insider transactions are closely watched by investors. According to InvestingPro data, ChargePoint currently holds a market capitalization of $795.69 million, reflecting its position within the industry. The company’s price-to-earnings (P/E) ratio stands at -1.57, which, when adjusted for the last twelve months as of Q4 2024, slightly worsens to -1.84, indicating that the company is not generating net earnings at present. This is further evidenced by a negative operating income margin of -83.23% for the same period.

Despite these challenges, ChargePoint has seen some positive movements, with a significant return of 12.5% over the last week. However, longer-term performance indicators show a more volatile picture, with a six-month price total return of -62.35% and a one-year price total return of -80.79%, suggesting that the stock has faced considerable downward pressure. These figures align with the InvestingPro Tip that ChargePoint’s stock price movements are quite volatile.

On the liquidity front, an InvestingPro Tip highlights that the company holds more cash than debt on its balance sheet, which is a positive sign for its financial stability. Additionally, ChargePoint’s liquid assets exceed its short-term obligations, providing some cushion against immediate financial pressures.

For investors seeking deeper insights and additional metrics on ChargePoint, InvestingPro offers a comprehensive suite of data and analysis. With the use of coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of 14 InvestingPro Tips for ChargePoint, including forward-looking analyses such as earnings revisions and profitability forecasts.

ChargePoint’s next earnings date is set for May 31, 2024, which will be a critical moment for investors to assess the company’s performance and strategic direction. In the meantime, the recent insider transaction by Interim CFO Mansi Khetani remains a point of interest, though it is a routine matter of tax obligation rather than an elective sale.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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