ChargePoint (NYSE:CHPT) Shares Down 4.8% – Here’s Why

ChargePoint Holdings, Inc. (NYSE:CHPT)’s stock price fell 4.8% during trading on Tuesday . The stock traded as low as $1.19 and last traded at $1.19. 1,590,872 shares traded hands during trading, a decline of 88% from the average session volume of 13,431,123 shares. The stock had previously closed at $1.25.

Analyst Upgrades and Downgrades

CHPT has been the subject of a number of recent research reports. Stifel Nicolaus dropped their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Royal Bank of Canada dropped their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research note on Thursday, September 5th. Evercore ISI dropped their price objective on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Wolfe Research initiated coverage on shares of ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. cut shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.47.

ChargePoint Stock Down 7.2 %

The company has a market cap of $500.63 million, a P/E ratio of -1.27 and a beta of 1.70. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24. The firm’s 50 day moving average price is $1.29 and its 200-day moving average price is $1.59.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, hitting the consensus estimate of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The business had revenue of $108.54 million for the quarter, compared to analyst estimates of $114.15 million. As a group, equities research analysts expect that ChargePoint Holdings, Inc. will post -0.56 EPS for the current year.

Insiders Place Their Bets

In other ChargePoint news, CEO Richard Wilmer sold 27,252 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction that occurred on Friday, October 11th. The shares were 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 owns 390,596 shares in the company, valued at $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,803 shares of company stock worth $135,295. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several hedge funds and other institutional investors have recently made changes to their positions in CHPT. Point72 Asset Management L.P. bought a new position in shares of ChargePoint in the second quarter valued at $13,007,000. Vanguard Group Inc. boosted its position in ChargePoint by 26.3% during the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after purchasing an additional 7,645,210 shares during the period. Erste Asset Management GmbH bought a new position in ChargePoint during the third quarter worth $2,570,000. AQR Capital Management LLC bought a new position in ChargePoint during the second quarter worth $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its position in ChargePoint by 62.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after purchasing an additional 621,536 shares during the period. 37.77% of the stock is 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.