ChargePoint (NYSE:CHPT) Shares Up 8.4% - Here's Why

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report)'s stock price traded up 8.4% during trading on Thursday . The company traded as high as $1.17 and last traded at $1.16. 6,582,811 shares were traded during trading, a decline of 53% from the average session volume of 14,061,513 shares. The stock had previously closed at $1.07.

Analyst Ratings Changes

A number of research firms recently commented on CHPT. TD Cowen lowered ChargePoint from a "buy" rating to a "hold" rating and cut their price objective for the stock from $3.00 to $2.00 in a research note 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. Capital One Financial upgraded ChargePoint to a "strong-buy" rating in a report on Tuesday, September 17th. Stifel Nicolaus lowered their target price 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. Finally, JPMorgan Chase & Co. lowered ChargePoint from an "overweight" rating to an "underweight" rating in a report on Thursday, October 3rd. 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $2.46.

ChargePoint Trading Up 4.7 %

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 fifty day moving average of $1.19 and a 200 day moving average of $1.48. The company has a market capitalization of $495.42 million, a P/E ratio of -1.51 and a beta of 1.69.

Insider Transactions at ChargePoint

In related news, insider Jagdeep Ca Singh sold 36,574 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 value of $41,694.36. Following the sale, the insider now directly owns 1,161,430 shares of the company's stock, valued at $1,324,030.20. This represents a 3.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of the firm's stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 390,596 shares of the company's stock, valued at $515,586.72. This represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,436 shares of company stock valued at $134,049. 3.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ChargePoint

Hedge funds have recently made changes to their positions in the company. CIBC Asset Management Inc increased its position in ChargePoint by 50.7% during the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company's stock valued at $26,000 after buying an additional 5,770 shares in the last quarter. Delap Wealth Advisory LLC acquired a new position in shares of ChargePoint during the second quarter valued at about $31,000. Financial Advocates Investment Management purchased a new position in shares of ChargePoint in the 3rd quarter valued at approximately $29,000. Perennial Investment Advisors LLC boosted its stake 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 purchasing an additional 10,400 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its position in ChargePoint by 152.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company's stock worth $38,000 after purchasing an additional 15,358 shares during the last quarter. 37.77% of the stock is currently 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.