ChargePoint (NYSE:CHPT) Trading 9.1% Higher – Still a Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price was up 9.1% on Monday . The company traded as high as $1.27 and last traded at $1.26. Approximately 10,047,694 shares traded hands during trading, a decline of 25% from the average daily volume of 13,450,908 shares. The stock had previously closed at $1.15.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CHPT shares. The Goldman Sachs Group decreased their price objective on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research note on Friday, September 6th. Capital One Financial raised ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. UBS Group reduced their price objective on ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and lowered their target price for the stock from $3.00 to $2.00 in a research note on Thursday, September 5th. Finally, Wolfe Research started coverage on shares of ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2.47.

ChargePoint Trading Up 9.1 %

The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32. The company has a market cap of $541.63 million, a price-to-earnings ratio of -1.28 and a beta of 1.70. The business’s fifty day moving average price is $1.29 and its 200 day moving average price is $1.59.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, meeting analysts’ consensus estimates of ($0.15). ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. The firm had revenue of $108.54 million for the quarter, compared to analyst estimates of $114.15 million. Research analysts anticipate that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at ChargePoint

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the transaction, the chief financial officer now directly owns 849,084 shares in the company, valued at approximately $1,146,263.40. This represents a 2.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Henrik Gerdes sold 26,288 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $1.32, for a total transaction of $34,700.16. Following the transaction, the chief accounting officer now owns 390,596 shares in the company, valued at $515,586.72. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 100,803 shares of company stock valued at $135,295. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ChargePoint

Large investors have recently bought and sold shares of the stock. CIBC Asset Management Inc grew its stake in ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after acquiring an additional 5,770 shares during the period. Financial Advocates Investment Management acquired a new stake in ChargePoint in the 3rd quarter valued at $29,000. CreativeOne Wealth LLC bought a new stake in ChargePoint during the 1st quarter valued at $30,000. Delap Wealth Advisory LLC acquired a new position in ChargePoint during the second quarter worth $31,000. Finally, Perennial Investment Advisors LLC lifted its stake in shares of ChargePoint by 74.4% in the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after buying an additional 10,400 shares in the last quarter. 37.77% of the stock is currently owned by institutional investors and hedge funds.

About ChargePoint

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.