Point72 Asset Management L.P. Sells 6,406,737 Shares of ChargePoint Holdings, Inc. (NYSE:CHPT)

Point72 Asset Management L.P. decreased its position in ChargePoint Holdings, Inc. (NYSE:CHPT) by 74.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,207,033 shares of the company’s stock after selling 6,406,737 shares during the period. Point72 Asset Management L.P. owned about 0.51% of ChargePoint worth $3,024,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. CIBC Asset Management Inc grew its holdings in shares of ChargePoint by 50.7% in the second 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 during the last quarter. Delap Wealth Advisory LLC bought a new position in shares of ChargePoint in the second quarter worth approximately $31,000. Financial Advocates Investment Management purchased a new stake in ChargePoint in the third quarter worth $29,000. Perennial Investment Advisors LLC lifted its stake in ChargePoint by 74.4% in the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock worth $37,000 after acquiring an additional 10,400 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in ChargePoint by 152.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock worth $38,000 after acquiring an additional 15,358 shares during the period. Institutional investors own 37.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. TD Cowen lowered ChargePoint from a “buy” rating to a “hold” rating and dropped their price target for the stock from $3.00 to $2.00 in a research note on Thursday, September 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Evercore ISI dropped their price target on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. The Goldman Sachs Group dropped 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. Finally, Benchmark reaffirmed a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a research note on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.48.

Insider Buying and Selling

In related news, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. This trade represents a 1.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Henrik Gerdes sold 26,288 shares of the business’s 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 sale, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at approximately $515,586.72. This represents a 6.31 % 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 worth $135,295. 3.50% of the stock is owned by corporate insiders.

ChargePoint Price Performance

Shares of NYSE:CHPT opened at $1.39 on Tuesday. ChargePoint Holdings, Inc. has a 1-year low of $1.05 and a 1-year high of $3.13. The business has a fifty day moving average price of $1.26 and a 200-day moving average price of $1.55. The company has a market capitalization of $599.90 million, a PE ratio of -1.88 and a beta of 1.69. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32.

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.