ChargePoint Holdings, Inc. (NYSE:CHPT) Sees Significant Drop in Short Interest

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 113,550,000 shares, a drop of 6.3% from the December 15th total of 121,170,000 shares. Based on an average daily trading volume, of 15,980,000 shares, the short-interest ratio is currently 7.1 days. Currently, 28.5% of the shares of the stock are short sold.

ChargePoint Stock Performance

NYSE:CHPT traded down $0.02 during mid-day trading on Monday, hitting $1.09. The company’s stock had a trading volume of 11,467,831 shares, compared to its average volume of 18,868,468. The stock has a market cap of $479.94 million, a price-to-earnings ratio of -1.47 and a beta of 1.70. The business’s fifty day moving average is $1.16 and its two-hundred day moving average is $1.45. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.24. ChargePoint has a 1 year low of $1.02 and a 1 year high of $2.44.

Insiders Place Their Bets

In related news, CAO Henrik Gerdes sold 28,536 shares of ChargePoint stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $32,531.04. Following the completion of the transaction, the chief accounting officer now directly owns 362,060 shares of the company’s stock, valued at approximately $412,748.40. The trade was a 7.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mansi Khetani sold 22,038 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $25,123.32. Following the completion of the sale, the chief financial officer now directly owns 1,230,305 shares of the company’s stock, valued at approximately $1,402,547.70. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 87,148 shares of company stock valued at $99,349 in the last three months. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CHPT. Hsbc Holdings PLC grew its stake in shares of ChargePoint by 41.4% during the 2nd quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock worth $39,000 after purchasing an additional 7,723 shares during the period. Jeppson Wealth Management LLC grew its position in ChargePoint by 28.3% during the third quarter. Jeppson Wealth Management LLC now owns 42,940 shares of the company’s stock valued at $59,000 after buying an additional 9,480 shares during the period. JPMorgan Chase & Co. increased its holdings in ChargePoint by 5.7% in the third quarter. JPMorgan Chase & Co. now owns 177,375 shares of the company’s stock valued at $243,000 after buying an additional 9,519 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of ChargePoint by 32.9% during the 3rd quarter. International Assets Investment Management LLC now owns 60,403 shares of the company’s stock worth $830,000 after acquiring an additional 14,963 shares in 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 buying an additional 15,358 shares in the last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CHPT has been the topic of several research reports. UBS Group reduced their price objective on ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a report on Tuesday, December 10th. Benchmark reissued a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. Stifel Nicolaus cut their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research report on Thursday, December 5th. Finally, Royal Bank of Canada reduced their target price 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. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, ChargePoint has an average rating of “Hold” and a consensus price target of $2.46.

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.