ChargePoint (NYSE:CHPT) Trading Up 8.4% – Here’s What Happened

ChargePoint Holdings, Inc. (NYSE:CHPT)’s stock price rose 8.4% on Thursday . The stock traded as high as $1.17 and last traded at $1.16. Approximately 6,582,811 shares were traded during trading, a decline of 53% from the average daily volume of 14,061,513 shares. The stock had previously closed at $1.07.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CHPT. The Goldman Sachs Group cut their price target on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research note on Friday, September 6th. Evercore ISI dropped their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Royal Bank of Canada lowered their price target on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a report on Thursday, December 5th. TD Cowen cut ChargePoint from a “buy” rating to a “hold” rating and cut their target price for the company from $3.00 to $2.00 in a research note on Thursday, September 5th. Finally, Wolfe Research began coverage on shares of ChargePoint in a research note 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 assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ChargePoint currently has an average rating of “Hold” and a consensus price target of $2.46.

ChargePoint Stock Up 8.9 %

The firm has a market capitalization of $515.50 million, a P/E ratio of -1.57 and a beta of 1.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.32 and a current ratio of 1.94. The business’s fifty day moving average price is $1.19 and its two-hundred day moving average price is $1.48.

Insiders Place Their Bets

In related news, CFO Mansi Khetani sold 22,038 shares of ChargePoint stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $25,123.32. Following the completion of the sale, the chief financial officer now owns 1,230,305 shares in the company, valued at approximately $1,402,547.70. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction dated 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 approximately $515,586.72. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,436 shares of company stock valued at $134,049. 3.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

Several large investors have recently bought and sold shares of CHPT. CIBC Asset Management Inc grew its position in shares of ChargePoint by 50.7% during the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after purchasing an additional 5,770 shares in the last quarter. Financial Advocates Investment Management purchased a new stake in ChargePoint during the third quarter valued at about $29,000. Delap Wealth Advisory LLC purchased a new stake in shares of ChargePoint in the 2nd quarter valued at about $31,000. Perennial Investment Advisors LLC raised its holdings in ChargePoint by 74.4% during the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after buying an additional 10,400 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its position in shares of ChargePoint by 152.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock valued at $38,000 after acquiring an additional 15,358 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.