Point72 Asset Management L.P. Acquires New Holdings in ChargePoint Holdings, Inc. (NYSE:CHPT)

Point72 Asset Management L.P. acquired a new stake in shares of ChargePoint Holdings, Inc. (NYSE:CHPT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,613,770 shares of the company's stock, valued at approximately $13,007,000. Point72 Asset Management L.P. owned 2.03% of ChargePoint at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CHPT. CIBC Asset Management Inc raised its holdings in shares of ChargePoint by 50.7% in the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company's stock worth $26,000 after acquiring an additional 5,770 shares during the last quarter. CreativeOne Wealth LLC bought a new stake in ChargePoint in the 1st quarter worth about $30,000. PDS Planning Inc bought a new stake in ChargePoint in the 1st quarter worth about $31,000. Delap Wealth Advisory LLC bought a new stake in ChargePoint in the 2nd quarter worth about $31,000. Finally, Perennial Investment Advisors LLC grew its position 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. Institutional investors and hedge funds own 37.77% of the company's stock.

Insiders Place Their Bets

In other news, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the sale, the chief financial officer now directly owns 849,084 shares of the company's stock, valued at approximately $1,146,263.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares of the company's stock, valued at approximately $3,111,060.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of the business's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the sale, the chief financial officer now directly owns 849,084 shares of the company's stock, valued at $1,146,263.40. The disclosure for this sale can be found here. Insiders have sold 74,515 shares of company stock worth $100,595 in the last three months. 3.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CHPT shares. Needham & Company LLC reduced their price objective on shares of ChargePoint from $3.00 to $2.00 and set a "buy" rating for the company in a research report on Thursday, September 5th. Royal Bank of Canada reduced their target price on shares of ChargePoint from $3.00 to $2.50 and set a "sector perform" rating for the company in a research report on Thursday, September 5th. Wolfe Research assumed coverage on shares of ChargePoint in a research report on Thursday, September 5th. They set a "peer perform" rating for the company. Capital One Financial raised shares of ChargePoint to a "strong-buy" rating in a research report on Tuesday, September 17th. Finally, Evercore ISI reduced their target price on shares of ChargePoint from $6.00 to $4.00 and set an "outperform" rating for the company in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $3.39.

ChargePoint Price Performance

NYSE CHPT traded down $0.07 on Tuesday, hitting $1.30. The stock had a trading volume of 12,438,183 shares, compared to its average volume of 13,788,804. ChargePoint Holdings, Inc. has a 52-week low of $1.21 and a 52-week high of $5.00. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. The company has a market capitalization of $550.37 million, a price-to-earnings ratio of -1.13 and a beta of 1.70. The firm has a 50-day moving average of $1.69 and a 200-day moving average of $1.69.

ChargePoint (NYSE:CHPT - Get Free Report) last posted its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The business had revenue of $108.54 million for the quarter, compared to analysts' expectations of $114.15 million. Equities analysts expect that ChargePoint Holdings, Inc. will post -0.56 EPS for the current year.

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.