ChargePoint (NYSE:CHPT) Shares Down 5%

ChargePoint Holdings, Inc. (NYSE:CHPT) was down 5% during trading on Wednesday . The company traded as low as $1.41 and last traded at $1.43. Approximately 12,055,045 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 14,410,322 shares. The stock had previously closed at $1.50.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CHPT shares. DA Davidson reiterated a “buy” rating and issued a $4.00 target price on shares of ChargePoint in a research report on Wednesday, March 6th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price objective (down from $3.50) on shares of ChargePoint in a research report on Wednesday, March 6th. Benchmark restated a “buy” rating and set a $4.25 price objective on shares of ChargePoint in a research report on Wednesday, March 6th. Oppenheimer reiterated a “market perform” rating on shares of ChargePoint in a research report on Wednesday, March 6th. Finally, The Goldman Sachs Group reiterated a “sell” rating and set a $1.50 price target (down from $2.00) on shares of ChargePoint in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $6.14.

ChargePoint Stock Down 1.4 %

The company’s 50 day moving average price is $1.87 and its 200 day moving average price is $2.31. The company has a quick ratio of 1.65, a current ratio of 2.25 and a debt-to-equity ratio of 0.87.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings results on Tuesday, March 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. ChargePoint had a negative net margin of 90.32% and a negative return on equity of 125.19%. The company had revenue of $115.83 million during the quarter, compared to the consensus estimate of $126.48 million. Equities research analysts anticipate that ChargePoint Holdings, Inc. will post -0.63 earnings per share for the current year.

Insider Activity

In other news, CEO Richard Wilmer sold 25,376 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1.87, for a total value of $47,453.12. Following the completion of the transaction, the chief executive officer now owns 2,359,462 shares in the company, valued at approximately $4,412,193.94. The sale was disclosed in a document filed with the SEC, which is available at this link. In other ChargePoint news, CFO Mansi Khetani sold 19,035 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1.87, for a total transaction of $35,595.45. Following the completion of the transaction, the chief financial officer now owns 421,500 shares in the company, valued at approximately $788,205. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Richard Wilmer sold 25,376 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total transaction of $47,453.12. Following the transaction, the chief executive officer now owns 2,359,462 shares of the company’s stock, valued at approximately $4,412,193.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 154,846 shares of company stock worth $296,562. Corporate insiders own 12.90% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Large investors have recently bought and sold shares of the company. Almanack Investment Partners LLC. purchased a new position in ChargePoint during the 3rd quarter worth $43,000. First Manhattan Co. grew its stake in shares of ChargePoint by 65.4% during the 1st quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock worth $61,000 after purchasing an additional 1,220 shares during the period. American International Group Inc. grew its stake in shares of ChargePoint by 30.0% during the 2nd quarter. American International Group Inc. now owns 3,101 shares of the company’s stock worth $42,000 after purchasing an additional 716 shares during the period. Hollencrest Capital Management grew its stake in shares of ChargePoint by 162.2% during the 1st quarter. Hollencrest Capital Management now owns 3,395 shares of the company’s stock worth $36,000 after purchasing an additional 2,100 shares during the period. Finally, Trium Capital LLP acquired a new position in shares of ChargePoint during the 1st quarter worth $37,000. Hedge funds and other institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.