Vanguard Group Inc. Sells 7,226,962 Shares of ChargePoint Holdings, Inc. (NYSE:CHPT)

Vanguard Group Inc. lessened its holdings in shares of ChargePoint Holdings, Inc. (NYSE:CHPT - Free Report) by 18.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,942,091 shares of the company's stock after selling 7,226,962 shares during the period. Vanguard Group Inc. owned approximately 7.00% of ChargePoint worth $33,108,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. FMR LLC lifted its stake in ChargePoint by 23.4% in the third quarter. FMR LLC now owns 150,705 shares of the company's stock valued at $206,000 after buying an additional 28,602 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in ChargePoint by 5.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,722,181 shares of the company's stock valued at $2,359,000 after acquiring an additional 89,234 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in ChargePoint by 144.7% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 50,170 shares of the company's stock worth $69,000 after purchasing an additional 29,669 shares during the period. Stifel Financial Corp increased its holdings in ChargePoint by 15.5% during the 3rd 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 in the last quarter. Finally, State Street Corp raised its stake in shares of ChargePoint by 1.4% in the 3rd quarter. State Street Corp now owns 10,297,421 shares of the company's stock valued at $14,107,000 after purchasing an additional 142,767 shares during the period. 37.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Evercore ISI cut ChargePoint from an "outperform" rating to an "in-line" rating and reduced their price objective for the stock from $4.00 to $1.00 in a research report on Monday, March 31st. The Goldman Sachs Group reduced their price target on ChargePoint from $0.75 to $0.50 and set a "sell" rating for the company in a research report on Thursday, April 10th. Stifel Nicolaus lowered their price objective on shares of ChargePoint from $2.00 to $1.00 and set a "hold" rating on the stock in a report on Monday, March 10th. Needham & Company LLC restated a "hold" rating on shares of ChargePoint in a report on Wednesday, March 5th. Finally, UBS Group lowered their price target on shares of ChargePoint from $0.70 to $0.65 and set a "neutral" rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $1.52.

ChargePoint Stock Performance

Shares of CHPT stock traded down $0.01 on Friday, reaching $0.56. The stock had a trading volume of 5,399,467 shares, compared to its average volume of 17,270,736. ChargePoint Holdings, Inc. has a 12 month low of $0.51 and a 12 month high of $2.44. The firm has a market capitalization of $258.43 million, a price-to-earnings ratio of -0.76 and a beta of 2.05. The firm's 50-day moving average is $0.66 and its two-hundred day moving average is $0.99. The company has a quick ratio of 1.24, a current ratio of 1.94 and a debt-to-equity ratio of 1.65.

ChargePoint (NYSE:CHPT - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). ChargePoint had a negative net margin of 72.62% and a negative return on equity of 106.28%. The business had revenue of $101.89 million during the quarter, compared to the consensus estimate of $100.99 million. On average, research analysts expect that ChargePoint Holdings, Inc. will post -0.57 EPS for the current fiscal year.

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.