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

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 114,270,000 shares, an increase of 8.0% from the August 31st total of 105,840,000 shares. Based on an average daily trading volume, of 13,970,000 shares, the days-to-cover ratio is presently 8.2 days. Currently, 29.1% of the company’s shares are short sold.

ChargePoint Trading Up 0.7 %

NYSE CHPT opened at $1.37 on Monday. The company’s fifty day simple moving average is $1.70 and its 200-day simple moving average is $1.70. ChargePoint has a 52 week low of $1.21 and a 52 week high of $5.18. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24. The stock has a market cap of $580.00 million, a P/E ratio of -1.16 and a beta of 1.70.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting analysts’ consensus estimates of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The business had revenue of $108.54 million for the quarter, compared to analysts’ expectations of $114.15 million. Equities research analysts predict that ChargePoint will post -0.56 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CHPT shares. B. Riley upgraded shares of ChargePoint to a “hold” rating in a report on Tuesday, June 25th. Evercore ISI lowered their target price on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Royal Bank of Canada lowered their target price on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Thursday, September 5th. The Goldman Sachs Group lowered their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a report on Friday, September 6th. Finally, Wolfe Research started coverage on shares of ChargePoint in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, ChargePoint presently has an average rating of “Hold” and an average price target of $3.39.

Insider Transactions at ChargePoint

In other news, CFO Mansi Khetani sold 23,409 shares of ChargePoint 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 completion of the sale, the chief financial officer now directly owns 849,084 shares in the company, valued at $1,146,263.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares in the company, valued at $3,111,060.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. The disclosure for this sale can be found here. Insiders sold a total of 74,515 shares of company stock worth $100,595 over the last ninety days. 3.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. bought a new stake in shares of ChargePoint in the second quarter worth $13,007,000. Vanguard Group Inc. increased its stake in shares of ChargePoint by 26.3% in the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after buying an additional 7,645,210 shares during the last quarter. Norges Bank bought a new stake in shares of ChargePoint in the fourth quarter worth $9,733,000. AQR Capital Management LLC bought a new stake in shares of ChargePoint in the second quarter worth $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ increased its stake in shares of ChargePoint by 62.0% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after buying an additional 621,536 shares during the last quarter. 37.77% of the stock is owned by institutional investors and hedge funds.

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.