ChargePoint (NYSE:CHPT) Shares Down 4.8% – Here’s Why

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) dropped 4.8% during trading on Tuesday . The company 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.

Analysts Set New Price Targets

CHPT has been the subject of a number of analyst reports. UBS Group dropped their price target on ChargePoint from $1.80 to $1.50 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Royal Bank of Canada lowered their target price on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research note on Thursday, September 5th. The Goldman Sachs Group lowered their target price on ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research note on Friday, September 6th. Benchmark reissued a “buy” rating and set a $3.00 target price on shares of ChargePoint in a research note on Wednesday, November 20th. Finally, Capital One Financial raised ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ChargePoint presently has an average rating of “Hold” and a consensus target price of $2.47.

ChargePoint Price Performance

The firm has a market capitalization of $500.63 million, a PE ratio of -1.27 and a beta of 1.70. The business has a 50-day moving average of $1.29 and a 200 day moving average of $1.59. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24.

ChargePoint (NYSE:CHPT) last announced its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 analyst estimates of $114.15 million. As a group, research analysts anticipate that ChargePoint Holdings, Inc. will post -0.56 EPS for the current fiscal year.

Insider Transactions at ChargePoint

In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the completion of the transaction, the chief accounting officer now owns 390,596 shares in the company, valued at $515,586.72. This trade represents a 6.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 value of $31,602.15. Following the completion of the transaction, 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. In the last 90 days, insiders sold 100,803 shares of company stock worth $135,295. 3.50% of the stock is owned by company insiders.

Institutional Trading of ChargePoint

A number of large investors have recently modified their holdings of CHPT. Vanguard Group Inc. boosted its position 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 valued at $69,708,000 after acquiring an additional 7,645,210 shares during the last quarter. CreativeOne Wealth LLC purchased a new position in ChargePoint in the 1st quarter worth $30,000. Price T Rowe Associates Inc. MD lifted its stake in ChargePoint by 53.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 183,436 shares of the company’s stock worth $349,000 after purchasing an additional 63,851 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of ChargePoint by 6.1% during the first quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock valued at $259,000 after buying an additional 7,838 shares during the last quarter. Finally, California State Teachers Retirement System boosted its holdings in ChargePoint by 15.7% during 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 during the period. 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.