ChargePoint (NYSE:CHPT) Shares Gap Up - Here's What Happened

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $1.16, but opened at $1.29. ChargePoint shares last traded at $1.25, with a volume of 10,489,389 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Capital One Financial raised ChargePoint to a "strong-buy" rating in a report on Tuesday, September 17th. UBS Group cut their price objective on shares of ChargePoint from $1.50 to $1.30 and set a "neutral" rating for the company in a research report on Tuesday, December 10th. Needham & Company LLC reaffirmed a "hold" rating on shares of ChargePoint in a report on Thursday, December 5th. Wolfe Research started coverage on shares of ChargePoint in a report on Thursday, September 5th. They set a "peer perform" rating for the company. Finally, Evercore ISI lowered their price objective on ChargePoint from $6.00 to $4.00 and set an "outperform" rating on the stock in a report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, ChargePoint currently has a consensus rating of "Hold" and a consensus target price of $2.46.

ChargePoint Price Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.32 and a current ratio of 1.94. The stock has a market capitalization of $513.12 million, a PE ratio of -1.57 and a beta of 1.69. The company's fifty day simple moving average is $1.23 and its two-hundred day simple moving average is $1.52.

Insider Transactions at ChargePoint

In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of the firm's stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $1.32, for a total transaction of $34,700.16. Following the sale, the chief accounting officer now directly owns 390,596 shares of the company's stock, valued at $515,586.72. This trade represents a 6.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard Wilmer sold 27,252 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $36,790.20. Following the sale, the chief executive officer now owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock valued at $135,295 in the last ninety days. Corporate insiders own 3.50% of the company's stock.

Institutional Trading of ChargePoint

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHPT. Franklin Resources Inc. acquired a new position in shares of ChargePoint in the 3rd quarter valued at $117,000. Geode Capital Management LLC increased its stake in ChargePoint by 4.6% during the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company's stock worth $12,432,000 after acquiring an additional 399,070 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of ChargePoint by 1,141.0% in the 3rd quarter. XTX Topco Ltd now owns 308,786 shares of the company's stock worth $423,000 after purchasing an additional 283,904 shares during the period. State Street Corp lifted its stake in shares of ChargePoint by 1.4% in the 3rd quarter. State Street Corp now owns 10,297,421 shares of the company's stock valued at $14,107,000 after purchasing an additional 142,767 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of ChargePoint by 15.5% during the 3rd quarter. Stifel Financial Corp now owns 2,055,211 shares of the company's stock worth $2,816,000 after purchasing an additional 275,653 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.