ChargePoint (NYSE:CHPT) Shares Down 4.8% – What’s Next?

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price dropped 4.8% during mid-day trading on Tuesday . The stock traded as low as $1.19 and last traded at $1.19. Approximately 1,590,872 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 13,431,123 shares. The stock had previously closed at $1.25.

Wall Street Analysts Forecast Growth

CHPT has been the subject of several recent analyst reports. JPMorgan Chase & Co. downgraded ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Stifel Nicolaus lowered their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $3.00 to $2.00 in a report on Thursday, September 5th. The Goldman Sachs Group decreased their price objective on ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a report on Friday, September 6th. Finally, UBS Group decreased their price objective on ChargePoint from $1.80 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.47.

ChargePoint Stock Performance

The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. The stock has a 50 day simple moving average of $1.28 and a two-hundred day simple moving average of $1.59. The stock has a market capitalization of $502.79 million, a P/E ratio of -1.18 and a beta of 1.70.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share 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 during the quarter, compared to the consensus estimate of $114.15 million. On average, equities analysts forecast that ChargePoint Holdings, Inc. will post -0.56 EPS for the current fiscal year.

Insider Activity

In related news, CFO Mansi Khetani sold 23,409 shares of ChargePoint 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 completion of the sale, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. This trade represents a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the sale, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at approximately $3,111,060.15. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock valued at $135,295 over the last three months. Insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

Several hedge funds have recently added to or reduced their stakes in CHPT. Vanguard Group Inc. lifted its holdings in ChargePoint by 26.3% during the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after purchasing an additional 7,645,210 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in ChargePoint by 53.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 183,436 shares of the company’s stock valued at $349,000 after acquiring an additional 63,851 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in ChargePoint by 6.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock valued at $259,000 after acquiring an additional 7,838 shares in the last quarter. California State Teachers Retirement System raised its holdings in ChargePoint by 15.7% in the 1st quarter. California State Teachers Retirement System now owns 374,395 shares of the company’s stock valued at $711,000 after acquiring an additional 50,857 shares in the last quarter. Finally, Tidal Investments LLC raised its holdings in ChargePoint by 58.8% in the 1st quarter. Tidal Investments LLC now owns 333,866 shares of the company’s stock valued at $634,000 after acquiring an additional 123,597 shares in the last quarter. 37.77% of the stock is owned by institutional investors and hedge funds.

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.