ChargePoint (NYSE:CHPT) Shares Gap Up – Should You Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT) gapped up before the market opened on Wednesday . The stock had previously closed at $1.16, but opened at $1.29. ChargePoint shares last traded at $1.25, with a volume of 10,489,389 shares.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CHPT. Stifel Nicolaus dropped their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Evercore ISI cut their target price on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Royal Bank of Canada decreased their price target on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research note on Thursday, December 5th. TD Cowen cut shares of ChargePoint from a “buy” rating to a “hold” rating and cut their price objective for the stock from $3.00 to $2.00 in a research report on Thursday, September 5th. Finally, Wolfe Research assumed coverage on ChargePoint in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2.46.

ChargePoint Stock Down 1.7 %

The stock’s fifty day simple moving average is $1.23 and its 200-day simple moving average is $1.52. The stock has a market capitalization of $504.27 million, a PE ratio of -1.54 and a beta of 1.69. The company has a current ratio of 1.94, a quick ratio of 1.32 and a debt-to-equity ratio of 1.65.

Insiders Place Their Bets

In other news, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the transaction, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at $515,586.72. This represents a 6.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mansi Khetani sold 23,409 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares in the company, valued at approximately $1,146,263.40. This trade represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,803 shares of company stock valued at $135,295. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of institutional investors have recently modified their holdings of CHPT. Point72 Asset Management L.P. bought a new stake in ChargePoint during the 2nd quarter valued at $13,007,000. Erste Asset Management GmbH bought a new position in ChargePoint in the 3rd quarter worth about $2,570,000. AQR Capital Management LLC purchased a new position in ChargePoint during the 2nd quarter valued at about $1,310,000. Skandinaviska Enskilda Banken AB publ increased its position in shares of ChargePoint by 62.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock valued at $2,452,000 after buying an additional 621,536 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of ChargePoint by 60.1% in the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock worth $1,960,000 after buying an additional 487,262 shares in the last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

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.