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Albert Hofeldt, the Chief Technology Officer of Stem, Inc. (NYSE:STEM), sold 13,294 shares of the company’s common stock on February 20. The shares were sold at a price of $0.6267 each, totaling approximately $8,331. This transaction was part of an automatic sale to cover tax liabilities related to the settlement of restricted stock units (RSUs), and not a discretionary trade by Hofeldt. The sale comes as Stem faces significant challenges, with the stock down nearly 80% over the past year and currently trading at $0.56, near its 52-week low of $0.30. According to InvestingPro analysis, the company currently appears undervalued.
Earlier, on February 19, Hofeldt acquired 47,138 shares through the settlement of RSUs, which did not involve any cash transaction. Following these transactions, Hofeldt holds a total of 185,863 shares directly. InvestingPro subscribers have access to 16 additional key insights about Stem’s financial health and future prospects, along with comprehensive analysis in the Pro Research Report, helping investors make more informed decisions about this volatile stock.
In other recent news, Stem, Inc. announced the appointment of Arun Narayanan as its new Chief Executive Officer, effective January 27, 2025. This decision marks the conclusion of a search process that began in September 2024. Narayanan brings over 25 years of experience in software technology and operations, with a notable background in digital transformation within the renewable energy sector. David Buzby, the outgoing Interim CEO, will remain as Chair of the Board. The company is transitioning to a more software and services-oriented business model, and Narayanan’s leadership is expected to drive scalable growth and enhance profitability. In another development, board member Jane Woodward (NASDAQ:WWD) has resigned, effective January 31, 2025, due to personal reasons. Stem, Inc. has not announced a successor for Woodward or details on the process for filling the board vacancy. These leadership changes come as the company navigates a complex and competitive industry landscape.
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