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

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of a significant decline in short interest during the month of 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. Currently, 29.8% of the shares of the stock are short sold. Based on an average daily volume of 13,050,000 shares, the days-to-cover ratio is currently 9.1 days.

ChargePoint Trading Down 3.4 %

CHPT stock opened at $1.15 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.94 and a debt-to-equity ratio of 1.65. The company has a market cap of $508.69 million, a price-to-earnings ratio of -1.55 and a beta of 1.69. The business has a fifty day simple moving average of $1.25 and a 200-day simple moving average of $1.54. ChargePoint has a 52 week low of $1.05 and a 52 week high of $3.13.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CHPT shares. Wolfe Research began coverage on ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Royal Bank of Canada cut their target price on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research note on Thursday, December 5th. JPMorgan Chase & Co. cut shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Capital One Financial raised shares of ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Finally, The Goldman Sachs Group decreased their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research report on Friday, September 6th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2.46.

Insider Buying and Selling

In related news, CAO Henrik Gerdes sold 26,288 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the sale, the chief accounting officer now directly owns 390,596 shares in the company, valued at $515,586.72. The trade was a 6.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of the firm’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 $1,146,263.40. This trade represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,803 shares of company stock valued at $135,295. 3.50% of the stock is owned by insiders.

Institutional Investors Weigh In On ChargePoint

A number of institutional investors have recently added to or reduced their stakes in CHPT. CIBC Asset Management Inc raised its stake in shares of ChargePoint by 50.7% in the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after acquiring an additional 5,770 shares during the period. Financial Advocates Investment Management acquired a new stake in ChargePoint in the 3rd quarter valued at $29,000. Delap Wealth Advisory LLC purchased a new position in ChargePoint in the second quarter valued at about $31,000. Perennial Investment Advisors LLC lifted its stake in shares of ChargePoint by 74.4% during the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock worth $37,000 after purchasing an additional 10,400 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted 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 worth $38,000 after buying an additional 15,358 shares during the period. Hedge funds and other institutional investors own 37.77% of the company’s stock.

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.