ChargePoint (NYSE:CHPT) Shares Gap Up – Here’s What Happened

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $1.16, but opened at $1.29. ChargePoint shares last traded at $1.25, with a volume of 10,489,389 shares.

Wall Street Analysts Forecast Growth

CHPT has been the topic of a number of research analyst reports. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Royal Bank of Canada dropped their target price on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research report on Thursday, December 5th. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and decreased their price target for the stock from $3.00 to $2.00 in a report on Thursday, September 5th. Stifel Nicolaus dropped their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Finally, Wolfe Research started coverage on shares of ChargePoint in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ChargePoint presently has a consensus rating of “Hold” and a consensus target price of $2.46.

ChargePoint Price Performance

The firm has a fifty day moving average of $1.23 and a two-hundred day moving average of $1.52. The company has a current ratio of 1.94, a quick ratio of 1.32 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $504.27 million, a PE ratio of -1.54 and a beta of 1.69.

Insider Transactions at ChargePoint

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $1.32, for a total transaction of $34,700.16. Following the sale, the chief accounting officer now directly 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. Over the last 90 days, insiders have sold 100,803 shares of company stock worth $135,295. Insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

Institutional investors and hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. bought a new position in shares of ChargePoint in the 3rd quarter worth approximately $117,000. Geode Capital Management LLC raised its holdings in ChargePoint by 4.6% in the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after purchasing an additional 399,070 shares in the last quarter. XTX Topco Ltd lifted its position in ChargePoint by 1,141.0% during the third quarter. XTX Topco Ltd now owns 308,786 shares of the company’s stock valued at $423,000 after buying an additional 283,904 shares during the period. State Street Corp boosted its holdings in shares of ChargePoint by 1.4% during the 3rd quarter. State Street Corp now owns 10,297,421 shares of the company’s stock valued at $14,107,000 after buying an additional 142,767 shares in the last quarter. Finally, Stifel Financial Corp grew its position in shares of ChargePoint by 15.5% in the 3rd quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock worth $2,816,000 after buying an additional 275,653 shares during the period. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

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.