ChargePoint Holdings, Inc. (NYSE:CHPT) Sees Large Decrease in Short Interest

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 113,550,000 shares, a drop of 6.3% from the December 15th total of 121,170,000 shares. Currently, 28.5% of the shares of the company are sold short. Based on an average daily volume of 15,980,000 shares, the short-interest ratio is presently 7.1 days.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CHPT. JPMorgan Chase & Co. cut shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Benchmark reaffirmed a “buy” rating and issued a $3.00 target price on shares of ChargePoint in a research note on Wednesday, November 20th. UBS Group dropped their price target on ChargePoint from $1.50 to $1.30 and set a “neutral” rating for the company in a research report on Tuesday, December 10th. Finally, Stifel Nicolaus reduced their price objective on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.46.

ChargePoint Stock Down 1.4 %

ChargePoint stock traded down $0.02 during trading on Friday, reaching $1.09. 11,467,831 shares of the company’s stock were exchanged, compared to its average volume of 18,868,468. ChargePoint has a 52-week low of $1.02 and a 52-week high of $2.44. The company has a quick ratio of 1.24, a current ratio of 1.94 and a debt-to-equity ratio of 1.65. The company’s 50-day moving average is $1.16 and its two-hundred day moving average is $1.45.

Insider Activity at ChargePoint

In other ChargePoint news, CAO Henrik Gerdes sold 28,536 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $32,531.04. Following the transaction, the chief accounting officer now directly owns 362,060 shares in the company, valued at approximately $412,748.40. This represents a 7.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $25,123.32. Following the sale, the chief financial officer now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 87,148 shares of company stock worth $99,349 over the last 90 days. Company insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp grew its holdings in 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 purchasing an additional 142,767 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of 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 acquiring an additional 399,070 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of ChargePoint during the second quarter worth about $13,007,000. Charles Schwab Investment Management Inc. lifted its stake in shares of ChargePoint by 7.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock worth $4,454,000 after acquiring an additional 219,426 shares in the last quarter. Finally, Stifel Financial Corp boosted its holdings in ChargePoint by 15.5% in the third quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock valued at $2,816,000 after purchasing an additional 275,653 shares during the last quarter. Hedge funds and other 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.