ChargePoint (NYSE:CHPT) Trading Down 6.1%

ChargePoint Holdings, Inc. (NYSE:CHPT) was down 6.1% during mid-day trading on Monday . The company traded as low as $2.05 and last traded at $2.07. Approximately 3,146,039 shares changed hands during trading, a decline of 78% from the average daily volume of 14,225,914 shares. The stock had previously closed at $2.20.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CHPT shares. Needham & Company LLC reiterated a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a report on Thursday, June 6th. B. Riley upgraded shares of ChargePoint to a “hold” rating in a report on Tuesday, June 25th. TD Cowen cut their price target on shares of ChargePoint from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, June 6th. The Goldman Sachs Group reiterated a “sell” rating and issued a $1.50 target price (down from $2.00) on shares of ChargePoint in a research note on Tuesday, April 9th. Finally, Benchmark dropped their target price on shares of ChargePoint from $4.25 to $3.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.88.

ChargePoint Stock Down 3.2 %

The company has a quick ratio of 1.45, a current ratio of 2.13 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $901.76 million, a PE ratio of -1.83 and a beta of 1.72. The company’s fifty day moving average price is $1.70 and its 200-day moving average price is $1.81.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings results on Wednesday, June 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.03. The firm had revenue of $107.04 million during the quarter, compared to analyst estimates of $106.09 million. ChargePoint had a negative return on equity of 127.18% and a negative net margin of 93.05%. Analysts forecast that ChargePoint Holdings, Inc. will post -0.54 earnings per share for the current year.

Insiders Place Their Bets

In other ChargePoint news, CEO Richard Wilmer sold 27,722 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $38,810.80. Following the completion of the sale, the chief executive officer now directly owns 2,331,740 shares in the company, valued at approximately $3,264,436. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Richard Wilmer sold 27,722 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $38,810.80. Following the completion of the transaction, the chief executive officer now directly owns 2,331,740 shares in the company, valued at approximately $3,264,436. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Mansi Khetani sold 19,007 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $26,609.80. Following the transaction, the chief financial officer now owns 402,493 shares of the company’s stock, valued at $563,490.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,099 shares of company stock valued at $137,498. 3.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings 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 worth $69,708,000 after acquiring an additional 7,645,210 shares in the last quarter. Norges Bank purchased a new stake in ChargePoint in the fourth quarter worth $9,733,000. Wellington Management Group LLP increased its stake in ChargePoint by 418.2% in the third quarter. Wellington Management Group LLP now owns 2,522,247 shares of the company’s stock worth $12,536,000 after purchasing an additional 2,035,496 shares during the period. Quadrature Capital Ltd purchased a new stake in ChargePoint in the fourth quarter worth $1,257,000. Finally, Cetera Advisors LLC increased its stake in ChargePoint by 752.7% in the first quarter. Cetera Advisors LLC now owns 389,584 shares of the company’s stock worth $740,000 after purchasing an additional 343,898 shares during the period. 37.77% of the stock is currently owned by 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.