ChargePoint (NYSE:CHPT) Stock Price Up 9.1% – Here’s Why

ChargePoint Holdings, Inc. (NYSE:CHPT) shares rose 9.1% during mid-day trading on Monday . The company traded as high as $1.27 and last traded at $1.26. Approximately 10,047,694 shares changed hands during trading, a decline of 25% from the average daily volume of 13,450,908 shares. The stock had previously closed at $1.15.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Wolfe Research initiated coverage on ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. The Goldman Sachs Group cut their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a report on Friday, September 6th. Royal Bank of Canada decreased their price target on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Thursday, September 5th. JPMorgan Chase & Co. cut shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. Finally, Stifel Nicolaus reduced their target price on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, ChargePoint presently has an average rating of “Hold” and an average target price of $2.47.

ChargePoint Stock Up 9.1 %

The stock has a market capitalization of $541.63 million, a P/E ratio of -1.28 and a beta of 1.70. The firm’s 50-day simple moving average is $1.29 and its 200 day simple moving average is $1.59. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, meeting the consensus estimate of ($0.15). The firm had revenue of $108.54 million during the quarter, compared to analysts’ expectations of $114.15 million. ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. As a group, research analysts expect that ChargePoint Holdings, Inc. will post -0.56 EPS for the current year.

Insider Buying and Selling

In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction on Friday, October 11th. The shares were 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 $515,586.72. The trade was a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. This represents a 2.68 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,803 shares of company stock worth $135,295. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new stake in shares of ChargePoint in the second quarter valued at approximately $13,007,000. Sanctuary Advisors LLC acquired a new position in ChargePoint in the 2nd quarter valued at $138,000. AQR Capital Management LLC bought a new stake in shares of ChargePoint during the 2nd quarter valued at $1,310,000. Vanguard Group Inc. grew its holdings in shares of 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 in the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of ChargePoint by 6.1% in the first quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock worth $259,000 after purchasing an additional 7,838 shares during the period. 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.