ChargePoint (NYSE:CHPT) Shares Up 2.5% – Here’s Why

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price was up 2.5% during mid-day trading on Friday . The company traded as high as $1.22 and last traded at $1.21. Approximately 2,852,486 shares changed hands during trading, a decline of 79% from the average daily volume of 13,881,452 shares. The stock had previously closed at $1.18.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Royal Bank of Canada cut their price objective on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a research report on Thursday, December 5th. 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. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a report on Thursday, December 5th. Finally, Stifel Nicolaus decreased their price objective on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, ChargePoint presently has a consensus rating of “Hold” and a consensus price target of $2.46.

ChargePoint Price Performance

The stock has a market cap of $506.48 million, a P/E ratio of -1.55 and a beta of 1.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.32 and a current ratio of 1.94. The business has a 50 day simple moving average of $1.21 and a 200-day simple moving average of $1.50.

Insider Buying and Selling

In other news, CAO Henrik Gerdes sold 28,536 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $32,531.04. Following the completion of the transaction, the chief accounting officer now directly owns 362,060 shares of the company’s stock, valued at $412,748.40. This trade represents a 7.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jagdeep Ca Singh sold 36,574 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $41,694.36. Following the completion of the transaction, the insider now owns 1,161,430 shares of the company’s stock, valued at approximately $1,324,030.20. This represents a 3.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,436 shares of company stock worth $134,049. Insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

Large investors have recently modified their holdings of the business. State Street Corp grew its stake in ChargePoint by 1.4% in the 3rd quarter. State Street Corp now owns 10,297,421 shares of the company’s stock worth $14,107,000 after buying an additional 142,767 shares in the last quarter. Geode Capital Management LLC raised its position in ChargePoint by 4.6% during the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock valued at $12,432,000 after purchasing an additional 399,070 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of ChargePoint in the 2nd quarter worth about $13,007,000. Charles Schwab Investment Management Inc. increased its position in shares of ChargePoint by 7.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock valued at $4,454,000 after purchasing an additional 219,426 shares during the last quarter. Finally, Stifel Financial Corp raised its holdings in shares of ChargePoint by 15.5% during the 3rd quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock valued at $2,816,000 after buying an additional 275,653 shares in the last quarter. Institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

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.