ChargePoint (NYSE:CHPT) Trading Up 9.1% – Time to Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT) was up 9.1% during trading on Monday . The company traded as high as $1.27 and last traded at $1.26. Approximately 10,047,694 shares were traded during trading, a decline of 25% from the average daily volume of 13,450,908 shares. The stock had previously closed at $1.15.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CHPT shares. Evercore ISI reduced their price objective on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. The Goldman Sachs Group reduced their price target on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research report on Friday, September 6th. Wolfe Research began coverage on shares of ChargePoint in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. TD Cowen downgraded shares of ChargePoint from a “buy” rating to a “hold” rating and reduced their price target for the stock from $3.00 to $2.00 in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. downgraded shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.47.

ChargePoint Price Performance

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 business’s 50 day simple moving average is $1.28 and its 200-day simple moving average is $1.59. The stock has a market capitalization of $502.79 million, a price-to-earnings ratio of -1.18 and a beta of 1.70.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting analysts’ consensus estimates of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The company had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. Research analysts anticipate that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Henrik Gerdes sold 26,288 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the sale, the chief accounting officer now directly owns 390,596 shares in the company, valued at $515,586.72. The trade was a 6.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was 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 owns 2,304,489 shares in the company, valued at $3,111,060.15. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,803 shares of company stock worth $135,295. 3.50% of the stock is owned by corporate insiders.

Institutional Trading of ChargePoint

Hedge funds and other institutional investors have recently made changes to their positions in the business. 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 purchasing an additional 5,770 shares in the last quarter. Financial Advocates Investment Management bought a new stake in shares of ChargePoint in the 3rd quarter worth approximately $29,000. Delap Wealth Advisory LLC bought a new stake in shares of ChargePoint in the 2nd quarter worth approximately $31,000. Perennial Investment Advisors LLC raised its holdings in shares of ChargePoint by 74.4% during the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after acquiring an additional 10,400 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in shares of ChargePoint by 152.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock valued at $38,000 after acquiring an additional 15,358 shares during the period. 37.77% of the stock is currently owned by institutional investors.

About ChargePoint

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.