ChargePoint (NYSE:CHPT) Stock Price Up 1.8% – Should You Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT – Get Free Report) shares shot up 1.8% on Friday. The stock traded as high as $8.46 and last traded at $8.3550. 777,815 shares changed hands during trading, a decline of 23% from the average session volume of 1,016,443 shares. The stock had previously closed at $8.21.

Analyst Ratings Changes

CHPT has been the topic of a number of recent analyst reports. TD Cowen reissued a “hold” rating on shares of ChargePoint in a research report on Thursday, September 3rd. UBS Group reissued a “neutral” rating and issued a $9.00 target price (up from $8.00) on shares of ChargePoint in a research note on Tuesday, September 22nd. B. Riley Financial reiterated a “neutral” rating on shares of ChargePoint in a research note on Friday, September 4th. Weiss Ratings raised ChargePoint from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, October 15th. Finally, Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research note on Thursday, September 3rd. Seven research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $7.07.

Read Our Latest Stock Analysis on CHPT

ChargePoint Stock Up 1.8%

The business’s 50-day moving average is $7.96 and its two-hundred day moving average is $6.92. The firm has a market capitalization of $224.33 million, a price-to-earnings ratio of -1.16 and a beta of 1.70. The company has a debt-to-equity ratio of 10.73, a quick ratio of 0.57 and a current ratio of 1.07.

ChargePoint (NYSE:CHPT – Get Free Report) last posted its earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.57) by $0.22. ChargePoint had a negative return on equity of 3,366.29% and a negative net margin of 40.59%. The business had revenue of $116.08 million during the quarter, compared to analysts’ expectations of $105.21 million. On average, equities analysts anticipate that ChargePoint Holdings, Inc. will post -3.75 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Mansi Khetani sold 4,931 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total transaction of $48,619.66. Following the transaction, the chief financial officer owned 174,417 shares in the company, valued at approximately $1,719,751.62. This trade represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Eric Batill sold 4,302 shares of ChargePoint stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $9.86, for a total transaction of $42,417.72. Following the completion of the sale, the general counsel owned 139,329 shares of the company’s stock, valued at approximately $1,373,783.94. The trade was a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 16,682 shares of company stock valued at $164,485 over the last ninety days. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of ChargePoint

A number of hedge funds have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC raised its position in ChargePoint by 40.0% during the 1st quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock worth $75,000 after purchasing an additional 4,352 shares during the last quarter. Squarepoint Ops LLC increased its holdings in shares of ChargePoint by 70.8% during the second quarter. Squarepoint Ops LLC now owns 25,242 shares of the company’s stock valued at $149,000 after acquiring an additional 10,464 shares in the last quarter. R Squared Ltd bought a new stake in ChargePoint during the 1st quarter valued at $59,000. Bank of New York Mellon Corp acquired a new stake in shares of ChargePoint in the 2nd quarter worth about $344,000. Finally, Renaissance Technologies LLC raised its stake in shares of ChargePoint by 77.7% in the first quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock worth $700,000 after purchasing an additional 63,000 shares during the last quarter. Institutional investors and hedge funds own 37.77% of the company’s stock.

ChargePoint Company Profile

(Get Free Report)

ChargePoint Holdings, Inc develops and operates electric vehicle charging infrastructure and related software. The company provides charging stations, cloud-based management tools and mobile applications that allow drivers to locate, access and pay for charging. Its solutions support home, workplace, multifamily, retail, fleet and public charging applications.

ChargePoint offers Level 2 AC charging equipment as well as DC fast-charging systems through its charging network. Businesses, property owners, fleet operators and other organizations can use the company’s software to manage charging access, energy use, payments and station performance.

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