Short Interest in ChargePoint Holdings, Inc. (NYSE:CHPT) Rises By 10.0%

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 129,640,000 shares, a growth of 10.0% from the October 31st total of 117,830,000 shares. Approximately 33.0% of the shares of the stock are sold short. Based on an average daily volume of 12,180,000 shares, the days-to-cover ratio is presently 10.6 days.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CHPT shares. UBS Group cut their price target on shares of ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Needham & Company LLC downgraded shares of ChargePoint from a “buy” rating to a “hold” rating in a report on Tuesday, November 19th. Evercore ISI dropped their price target on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Benchmark restated a “buy” rating and issued a $3.00 target price on shares of ChargePoint in a report on Wednesday, November 20th. Finally, Capital One Financial raised ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.47.

Insiders Place Their Bets

In other ChargePoint news, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the completion of the transaction, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at $515,586.72. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,803 shares of company stock worth $135,295 in the last three months. 3.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. acquired a new position in ChargePoint in the 2nd quarter valued at $13,007,000. Vanguard Group Inc. raised its holdings in ChargePoint by 26.3% in the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after buying an additional 7,645,210 shares during the last quarter. Erste Asset Management GmbH bought a new position in ChargePoint during the 3rd quarter worth $2,570,000. AQR Capital Management LLC acquired a new position in shares of ChargePoint in the 2nd quarter worth approximately $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in ChargePoint by 62.0% during the second 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 during the period. Institutional investors own 37.77% of the company’s stock.

ChargePoint Price Performance

NYSE CHPT traded down $0.04 on Monday, reaching $1.18. The company’s stock had a trading volume of 9,391,118 shares, compared to its average volume of 13,392,585. 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 stock has a market cap of $507.11 million, a PE ratio of -1.21 and a beta of 1.70. The firm’s 50 day moving average is $1.27 and its two-hundred day moving average is $1.57. ChargePoint has a twelve month low of $1.05 and a twelve month high of $3.13.

ChargePoint (NYSE:CHPT) last released its earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, meeting the consensus estimate of ($0.15). The firm had revenue of $108.54 million during the quarter, compared to analysts’ expectations of $114.15 million. ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. As a group, sell-side analysts predict that ChargePoint will post -0.56 EPS for the current year.

ChargePoint Company 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.