ChargePoint (NYSE:CHPT) Trading Down 8.5% - Time to Sell?

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) dropped 8.5% during mid-day trading on Monday . The company traded as low as $1.12 and last traded at $1.14. Approximately 8,453,529 shares changed hands during trading, a decline of 39% from the average daily volume of 13,864,269 shares. The stock had previously closed at $1.24.

Analysts Set New Price Targets

Several brokerages have weighed in on CHPT. TD Cowen downgraded ChargePoint from a "buy" rating to a "hold" rating and cut their price target for the company from $3.00 to $2.00 in a report on Thursday, September 5th. Stifel Nicolaus reduced their target price on ChargePoint from $3.00 to $2.00 and set a "hold" rating on the stock in a research report on Wednesday, October 30th. Evercore ISI lowered their price target on ChargePoint from $6.00 to $4.00 and set an "outperform" rating for the company in a report on Thursday, September 5th. Benchmark reiterated a "buy" rating and set a $3.00 price objective on shares of ChargePoint in a report on Wednesday, November 20th. Finally, Wolfe Research assumed coverage on shares of ChargePoint in a report on Thursday, September 5th. They issued a "peer perform" rating for the company. 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 MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2.46.

ChargePoint Stock Down 8.9 %

The firm has a market capitalization of $499.85 million, a PE ratio of -1.53 and a beta of 1.69. 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 firm's 50 day moving average price is $1.23 and its two-hundred day moving average price is $1.52.

Insider Buying and Selling at ChargePoint

In other news, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the completion of the transaction, the chief accounting officer now directly owns 390,596 shares in the company, valued at approximately $515,586.72. This represents a 6.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

Several hedge funds and other institutional investors have recently modified their holdings of CHPT. CIBC Asset Management Inc lifted its stake in ChargePoint by 50.7% during the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company's stock worth $26,000 after purchasing an additional 5,770 shares during the last quarter. Financial Advocates Investment Management acquired a new stake in shares of ChargePoint during the third quarter worth $29,000. Delap Wealth Advisory LLC bought a new position in shares of ChargePoint in the 2nd quarter worth about $31,000. Perennial Investment Advisors LLC boosted its holdings in shares of ChargePoint by 74.4% in the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company's stock valued at $37,000 after buying an additional 10,400 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of ChargePoint by 152.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company's stock valued at $38,000 after buying an additional 15,358 shares during the last quarter. 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.