ChargePoint (NYSE:CHPT) Trading 10.5% Higher - Should You Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report)'s share price rose 10.5% during trading on Friday . The company traded as high as $1.27 and last traded at $1.26. Approximately 15,130,385 shares changed hands during mid-day trading, an increase of 9% from the average daily volume of 13,842,038 shares. The stock had previously closed at $1.14.

Analyst Ratings Changes

CHPT has been the subject of several recent analyst reports. JPMorgan Chase & Co. downgraded ChargePoint from an "overweight" rating to an "underweight" rating in a research note on Thursday, October 3rd. Evercore ISI lowered their price objective on shares of ChargePoint from $6.00 to $4.00 and set an "outperform" rating on the stock in a research note on Thursday, September 5th. UBS Group dropped their target price on shares of ChargePoint from $1.50 to $1.30 and set a "neutral" rating on the stock in a research report on Tuesday, December 10th. TD Cowen downgraded shares of ChargePoint from a "buy" rating to a "hold" rating and reduced their price target for the company from $3.00 to $2.00 in a report on Thursday, September 5th. Finally, Stifel Nicolaus dropped their price objective on shares of ChargePoint from $3.00 to $2.00 and set a "hold" rating on the stock in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ChargePoint currently has a consensus rating of "Hold" and a consensus target price of $2.46.

ChargePoint Trading Up 8.8 %

The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.32. The business's 50 day simple moving average is $1.23 and its 200 day simple moving average is $1.52. The stock has a market cap of $548.50 million, a P/E ratio of -1.68 and a beta of 1.69.

Insider Activity at ChargePoint

In other news, CAO Henrik Gerdes sold 26,288 shares of the firm's stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the completion of the sale, the chief accounting officer now directly owns 390,596 shares in the company, valued at approximately $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Mansi Khetani sold 23,409 shares of the company's 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 transaction, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. This trade represents a 2.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,803 shares of company stock valued at $135,295 in the last 90 days. 3.50% of the stock is owned by corporate insiders.

Institutional Trading of ChargePoint

Several hedge funds have recently modified their holdings of CHPT. State Street Corp lifted its holdings in ChargePoint by 1.4% during the 3rd quarter. State Street Corp now owns 10,297,421 shares of the company's stock worth $14,107,000 after buying an additional 142,767 shares in the last quarter. Geode Capital Management LLC raised its position in shares of 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. Point72 Asset Management L.P. acquired a new position in shares of ChargePoint during the second quarter valued at $13,007,000. Charles Schwab Investment Management Inc. boosted its holdings in ChargePoint by 7.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company's stock valued at $4,454,000 after acquiring an additional 219,426 shares during the last quarter. Finally, Stifel Financial Corp increased its position in ChargePoint by 15.5% in the third 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. 37.77% of the stock is owned by institutional investors.

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.