ChargePoint Holdings, Inc. (NYSE:CHPT) Short Interest Update

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of a large decline in short interest in November. As of November 30th, there was short interest totalling 118,780,000 shares, a decline of 8.4% from the November 15th total of 129,640,000 shares. Based on an average trading volume of 13,050,000 shares, the days-to-cover ratio is currently 9.1 days. Approximately 29.8% of the company’s stock are short sold.

ChargePoint Stock Performance

Shares of ChargePoint stock opened at $1.15 on Wednesday. The firm has a market capitalization of $508.69 million, a price-to-earnings ratio of -1.55 and a beta of 1.69. The business has a 50-day simple moving average of $1.23 and a 200 day simple moving average of $1.53. ChargePoint has a one year low of $1.05 and a one year high of $2.79. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.32.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CHPT shares. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. Benchmark reiterated a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a report on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Royal Bank of Canada cut their price target on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a report on Thursday, December 5th. Finally, Stifel Nicolaus lowered their price objective on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2.46.

Insider Buying and Selling

In other news, CFO Mansi Khetani sold 23,409 shares of the business’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 transaction, the chief financial officer now owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. The trade was a 2.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Richard Wilmer sold 27,252 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 $36,790.20. Following the completion of the transaction, the chief executive officer now directly owns 2,304,489 shares in the company, valued at $3,111,060.15. The trade was a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock worth $135,295 in the last 90 days. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

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