Franklin Resources Inc. Invests $117,000 in ChargePoint Holdings, Inc. (NYSE:CHPT)

Franklin Resources Inc. bought a new stake in ChargePoint Holdings, Inc. (NYSE:CHPT) during the 3rd quarter, Holdings Channel reports. The firm bought 88,282 shares of the company’s stock, valued at approximately $117,000.

A number of other large investors also recently made changes to their positions in CHPT. Bank of New York Mellon Corp increased its position in ChargePoint by 60.1% during the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock worth $1,960,000 after acquiring an additional 487,262 shares during the period. Principal Financial Group Inc. grew its position in shares of ChargePoint by 32.9% during the 2nd quarter. Principal Financial Group Inc. now owns 46,042 shares of the company’s stock worth $70,000 after purchasing an additional 11,389 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of ChargePoint by 39.6% during the second quarter. Commonwealth Equity Services LLC now owns 370,562 shares of the company’s stock worth $560,000 after purchasing an additional 105,155 shares during the period. CIBC Asset Management Inc raised its position in shares of ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after buying an additional 5,770 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of ChargePoint by 28.6% in the second quarter. Rhumbline Advisers now owns 521,677 shares of the company’s stock valued at $788,000 after buying an additional 116,037 shares during the period. Institutional investors own 37.77% of the company’s stock.

ChargePoint Stock Performance

NYSE CHPT opened at $1.12 on Friday. The firm’s fifty day moving average price is $1.19 and its two-hundred day moving average price is $1.48. The stock has a market cap of $495.42 million, a PE ratio of -1.51 and a beta of 1.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.32 and a current ratio of 1.94. ChargePoint Holdings, Inc. has a fifty-two week low of $1.05 and a fifty-two week high of $2.44.

Wall Street Analysts Forecast Growth

CHPT has been the topic of a number of recent research reports. TD Cowen lowered ChargePoint from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $3.00 to $2.00 in a research note on Thursday, September 5th. JPMorgan Chase & Co. downgraded ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. UBS Group reduced their price objective on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Evercore ISI dropped their target price on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Finally, Benchmark reiterated a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.46.

Insider Buying and Selling

In other news, CFO Mansi Khetani sold 22,038 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $25,123.32. Following the completion of the transaction, the chief financial officer now owns 1,230,305 shares of the company’s stock, valued at approximately $1,402,547.70. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jagdeep Ca Singh sold 36,574 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $41,694.36. Following the completion of the sale, the insider now directly owns 1,161,430 shares in the company, valued at approximately $1,324,030.20. This represents a 3.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,436 shares of company stock worth $134,049 in the last 90 days. Insiders own 3.50% of the company’s stock.

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.