ChargePoint (NYSE:CHPT) Trading Up 2.5% - Here's Why

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) shares shot up 2.5% during trading on Friday . The company traded as high as $1.22 and last traded at $1.21. 2,852,486 shares were traded during mid-day trading, a decline of 79% from the average session volume of 13,881,452 shares. The stock had previously closed at $1.18.

Wall Street Analyst Weigh In

CHPT has been the subject of several research reports. The Goldman Sachs Group cut their target price on ChargePoint from $1.50 to $1.25 and set a "sell" rating for the company in a research note on Friday, September 6th. Evercore ISI reduced their target price on shares of ChargePoint from $6.00 to $4.00 and set an "outperform" rating on the stock in a report on Thursday, September 5th. Needham & Company LLC reiterated a "hold" rating on shares of ChargePoint in a research report on Thursday, December 5th. JPMorgan Chase & Co. lowered shares of ChargePoint from an "overweight" rating to an "underweight" rating in a research report on Thursday, October 3rd. Finally, Benchmark reaffirmed a "buy" rating and set a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. Two investment 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 stock. Based on data from MarketBeat.com, ChargePoint has a consensus rating of "Hold" and an average target price of $2.46.

ChargePoint Trading Down 3.4 %

The stock has a 50-day moving average price of $1.21 and a two-hundred day moving average price of $1.50. The stock has a market capitalization of $504.27 million, a P/E ratio of -1.54 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.

Insider Buying and Selling

In related news, CAO Henrik Gerdes sold 28,536 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $32,531.04. Following the sale, the chief accounting officer now directly owns 362,060 shares of the company's stock, valued at approximately $412,748.40. This represents a 7.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jagdeep Ca Singh sold 36,574 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $41,694.36. Following the sale, the insider now owns 1,161,430 shares in the company, valued at approximately $1,324,030.20. This represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,436 shares of company stock valued at $134,049 over the last three months. Corporate insiders own 3.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. CIBC Asset Management Inc lifted its holdings in ChargePoint by 50.7% during the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company's stock valued at $26,000 after purchasing an additional 5,770 shares in the last quarter. Financial Advocates Investment Management bought a new stake in shares of ChargePoint during the 3rd quarter valued at $29,000. Delap Wealth Advisory LLC purchased a new position in shares of ChargePoint during the 2nd quarter valued at $31,000. Perennial Investment Advisors LLC boosted its holdings in ChargePoint by 74.4% in the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company's stock worth $37,000 after buying an additional 10,400 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its stake in ChargePoint by 152.0% in the 2nd 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 in the last quarter. 37.77% of the stock is owned by hedge funds and other institutional investors.

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.