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

Point72 Asset Management L.P. reduced its position in ChargePoint Holdings, Inc. (NYSE:CHPT - Free Report) by 74.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,207,033 shares of the company's stock after selling 6,406,737 shares during the quarter. Point72 Asset Management L.P. owned 0.51% of ChargePoint worth $3,024,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Erste Asset Management GmbH bought a new position in shares of ChargePoint during the 3rd quarter worth approximately $2,570,000. AQR Capital Management LLC purchased a new stake in shares of ChargePoint during the 2nd quarter valued at $1,310,000. Skandinaviska Enskilda Banken AB publ boosted its position in shares of ChargePoint by 62.0% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company's stock worth $2,452,000 after purchasing an additional 621,536 shares in the last quarter. Bank of New York Mellon Corp increased its position in ChargePoint by 60.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company's stock valued at $1,960,000 after buying an additional 487,262 shares in the last quarter. Finally, Inspire Investing LLC acquired a new position in ChargePoint during the 3rd quarter valued at about $412,000. 37.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Henrik Gerdes sold 26,288 shares of the firm's stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the transaction, the chief accounting officer now directly owns 390,596 shares of the company's stock, valued at approximately $515,586.72. This trade represents a 6.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. The trade was a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 100,803 shares of company stock valued at $135,295. 3.50% of the stock is owned by company insiders.

ChargePoint Stock Performance

CHPT stock traded down $0.11 during midday trading on Tuesday, hitting $1.29. 13,316,837 shares of the stock traded hands, compared to its average volume of 13,725,813. The stock's fifty day simple moving average is $1.26 and its 200-day simple moving average is $1.55. The firm has a market cap of $555.96 million, a P/E ratio of -1.76 and a beta of 1.69. ChargePoint Holdings, Inc. has a 1-year low of $1.05 and a 1-year high of $3.13. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32.

Analysts Set New Price Targets

Several analysts have weighed in on CHPT shares. Capital One Financial raised shares of ChargePoint to a "strong-buy" rating in a research report on Tuesday, September 17th. UBS Group cut their target price on ChargePoint from $1.50 to $1.30 and set a "neutral" rating on the stock in a research report on Tuesday. Benchmark reaffirmed a "buy" rating and set a $3.00 price target on shares of ChargePoint in a research report on Wednesday, November 20th. The Goldman Sachs Group cut their price objective on ChargePoint from $1.50 to $1.25 and set a "sell" rating on the stock in a report on Friday, September 6th. Finally, Stifel Nicolaus dropped 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. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $2.46.

ChargePoint 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.