FTSE 100: Index falls as earnings results weigh; pound below $1.33, Bodycote soars
Matthew Tappin, President, Software (ETR:SOWGn) Division at Stem Inc (NASDAQ:NYSE:STEM), sold a total of 21,987 shares of common stock between May 30 and June 16. The company, currently valued at $72.5 million, has seen its stock drop nearly 28% in the past week and 61% over the last year, according to InvestingPro data. The shares were sold at prices ranging from $0.45 to $0.451, netting Tappin approximately $9,894.
Specifically, on May 30, Tappin sold 1,164 shares at $0.451 per share, for a total of $524. Then, on June 16, Tappin sold 20,823 shares at $0.45 per share, for a total of $9370.
On May 29, Tappin also acquired 2,775 shares of common stock after exercising restricted stock units (RSUs) at a price of $0.
In other recent news, Stem, Inc. reported its first-quarter 2025 earnings, exceeding revenue expectations with $32.5 million compared to the forecasted $31.27 million. The company also posted an earnings per share (EPS) of -$0.15, surpassing the anticipated -$0.19. This performance marks a 27% year-over-year revenue increase and includes the company’s first positive operating cash flow of $9 million. In addition to these financial results, Stem, Inc. announced a 1-for-20 reverse stock split to regain compliance with the New York Stock Exchange’s listing standards. The reverse split will reduce the company’s outstanding common shares from approximately 167 million to 8.4 million. Stem, Inc. shareholders also approved several significant proposals at the 2025 Annual Meeting, including an amendment to the 2024 Equity Incentive Plan and the ratification of Deloitte & Touche LLP as the independent auditor for the fiscal year ending December 31, 2025. Additionally, the company announced a 27% workforce reduction, aiming for $30 million in annual cost savings. These developments reflect Stem, Inc.’s strategic focus on improving profitability and expanding its software and services revenue.
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