ChargePoint (NYSE:CHPT) Trading Up 8.4% – Here’s Why

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price rose 8.4% during trading on Thursday . The company traded as high as $1.17 and last traded at $1.16. Approximately 6,582,811 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 14,061,513 shares. The stock had previously closed at $1.07.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Stifel Nicolaus cut their price target on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research report on Thursday, December 5th. JPMorgan Chase & Co. lowered ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. The Goldman Sachs Group cut their price target on ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research note on Friday, September 6th. Finally, TD Cowen lowered ChargePoint from a “buy” rating to a “hold” rating and decreased their target price for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ChargePoint presently has a consensus rating of “Hold” and an average target price of $2.46.

ChargePoint Stock Up 8.9 %

The firm’s 50 day moving average price is $1.19 and its two-hundred day moving average price is $1.48. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.32. The firm has a market cap of $515.50 million, a price-to-earnings ratio of -1.57 and a beta of 1.69.

Insider Activity

In other ChargePoint news, CFO Mansi Khetani sold 22,038 shares of ChargePoint stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $25,123.32. Following the completion of the sale, the chief financial officer now directly owns 1,230,305 shares of the company’s stock, valued at approximately $1,402,547.70. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the transaction, the chief accounting officer now directly owns 390,596 shares in the company, valued at approximately $515,586.72. This represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,436 shares of company stock valued at $134,049 in the last three months. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of ChargePoint

Several hedge funds have recently made changes to their positions in CHPT. CIBC Asset Management Inc lifted its holdings in ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after purchasing an additional 5,770 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of ChargePoint by 41.4% in the second quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock valued at $39,000 after purchasing an additional 7,723 shares in the last quarter. PFG Investments LLC boosted its position in shares of ChargePoint by 32.2% in the second quarter. PFG Investments LLC now owns 34,102 shares of the company’s stock worth $51,000 after buying an additional 8,297 shares during the period. Jeppson Wealth Management LLC raised its position in ChargePoint by 28.3% during the third quarter. Jeppson Wealth Management LLC now owns 42,940 shares of the company’s stock valued at $59,000 after buying an additional 9,480 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of ChargePoint by 5.7% in the third quarter. JPMorgan Chase & Co. now owns 177,375 shares of the company’s stock worth $243,000 after purchasing an additional 9,519 shares in the last quarter. Institutional investors own 37.77% of the company’s stock.

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.