ChargePoint (NYSE:CHPT) Shares Gap Up to $1.43

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $1.43, but opened at $1.47. ChargePoint shares last traded at $1.53, with a volume of 2,193,478 shares.

Wall Street Analysts Forecast Growth

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

ChargePoint Trading Up 16.1 %

The business’s 50 day moving average is $1.64 and its 200-day moving average is $1.84. The company has a quick ratio of 1.45, a current ratio of 2.13 and a debt-to-equity ratio of 1.02.

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

Insider Activity at ChargePoint

In related news, CAO Henrik Gerdes sold 43,596 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total value of $65,394.00. Following the transaction, the chief accounting officer now directly owns 438,004 shares in the company, valued at approximately $657,006. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other ChargePoint news, CAO Henrik Gerdes sold 43,596 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total value of $65,394.00. Following the sale, the chief accounting officer now directly owns 438,004 shares in the company, valued at approximately $657,006. 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 19,007 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $26,609.80. Following the completion of the sale, the chief financial officer now owns 402,493 shares in the company, valued at $563,490.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,099 shares of company stock worth $137,498. 3.50% of the stock is owned by insiders.

Institutional Trading of ChargePoint

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in ChargePoint by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 29,162,249 shares of the company’s stock worth $144,936,000 after purchasing an additional 3,325,694 shares during the last quarter. Ingalls & Snyder LLC acquired a new stake in shares of ChargePoint during the 4th quarter valued at about $33,000. Wellington Management Group LLP boosted 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 valued at $12,536,000 after acquiring an additional 2,035,496 shares in the last quarter. M&T Bank Corp boosted its position in shares of ChargePoint by 484.7% during the 4th quarter. M&T Bank Corp now owns 73,396 shares of the company’s stock valued at $172,000 after acquiring an additional 60,843 shares in the last quarter. Finally, Oak Thistle LLC acquired a new stake in shares of ChargePoint during the 4th quarter valued at about $266,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

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.