ChargePoint (NYSE:CHPT) Trading 7.2% Higher

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) traded up 7.2% on Thursday . The company traded as high as $1.51 and last traded at $1.50. 3,110,554 shares traded hands during trading, a decline of 77% from the average session volume of 13,743,686 shares. The stock had previously closed at $1.40.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CHPT shares. B. Riley raised ChargePoint to a “hold” rating in a report on Tuesday. Benchmark decreased their price objective on ChargePoint from $4.25 to $3.00 and set a “buy” rating on the stock in a report on Friday. The Goldman Sachs Group reaffirmed a “sell” rating and set a $1.50 price objective (down from $2.00) on shares of ChargePoint in a report on Tuesday, April 9th. R. F. Lafferty decreased their price objective on ChargePoint from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, March 6th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of ChargePoint in a report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.88.

ChargePoint Price Performance

The company has a debt-to-equity ratio of 1.02, a current ratio of 2.13 and a quick ratio of 1.45. The stock’s 50 day moving average is $1.62 and its two-hundred day moving average is $1.87.

Insider Buying and Selling

In other news, CEO Richard Wilmer sold 27,722 shares of the stock in a transaction dated Friday, June 21st. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Mansi Khetani sold 19,007 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $26,609.80. Following the sale, the chief financial officer now directly owns 402,493 shares of the company’s stock, valued at approximately $563,490.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard Wilmer sold 27,722 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were 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 $3,264,436. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,099 shares of company stock valued at $137,498. Company insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in ChargePoint by 26.3% in the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after acquiring an additional 7,645,210 shares during the period. Norges Bank acquired a new position in shares of ChargePoint during the 4th quarter worth approximately $9,733,000. Wellington Management Group LLP grew its position in shares of ChargePoint by 418.2% during the 3rd 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 in the last quarter. Invesco Ltd. grew its position in shares of ChargePoint by 19.2% during the 3rd quarter. Invesco Ltd. now owns 2,193,049 shares of the company’s stock worth $10,899,000 after purchasing an additional 353,988 shares in the last quarter. Finally, Stifel Financial Corp grew its position in shares of ChargePoint by 22.7% during the 3rd quarter. Stifel Financial Corp now owns 914,582 shares of the company’s stock worth $4,546,000 after purchasing an additional 169,150 shares in the last quarter. 37.77% of the stock is owned by institutional investors.

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.