ChargePoint (NYSE:CHPT) Stock Price Up 10.5% – Still a Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price was up 10.5% on Friday . The stock traded as high as $1.27 and last traded at $1.26. Approximately 15,130,385 shares traded hands during trading, an increase of 9% from the average daily volume of 13,842,038 shares. The stock had previously closed at $1.14.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CHPT shares. Royal Bank of Canada cut their price objective on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research report on Thursday, December 5th. UBS Group lowered their target price on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. The Goldman Sachs Group cut their price target on ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research note on Friday, September 6th. Wolfe Research began coverage on ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, TD Cowen cut shares of ChargePoint from a “buy” rating to a “hold” rating and reduced their price objective for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, ChargePoint currently has a consensus rating of “Hold” and an average price target of $2.46.

ChargePoint Trading Up 8.8 %

The company has a market cap of $548.50 million, a PE ratio of -1.68 and a beta of 1.69. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.32. The company has a 50-day moving average of $1.23 and a 200 day moving average of $1.52.

Insiders Place Their Bets

In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of ChargePoint 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 completion of the sale, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at $515,586.72. The trade was a 6.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the transaction, the chief financial officer now directly owns 849,084 shares in the company, valued at $1,146,263.40. The trade was a 2.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,803 shares of company stock valued at $135,295 over the last three months. 3.50% of the stock is owned by company insiders.

Institutional Trading of ChargePoint

A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted its stake in shares of ChargePoint by 1.4% during the third 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 boosted its position in ChargePoint by 4.6% during the 3rd 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 position in shares of ChargePoint in the 2nd quarter valued at $13,007,000. Charles Schwab Investment Management Inc. raised its position in shares of ChargePoint by 7.2% in the 3rd 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 lifted its stake in shares of ChargePoint by 15.5% during the 3rd quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock worth $2,816,000 after purchasing an additional 275,653 shares during the last quarter. 37.77% of the stock is owned by hedge funds and other institutional investors.

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.