ChargePoint Holdings, Inc. (NYSE:CHPT) Short Interest Down 8.4% in November

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of a large decrease in short interest in November. As of November 30th, there was short interest totalling 118,780,000 shares, a decrease of 8.4% from the November 15th total of 129,640,000 shares. Approximately 29.8% of the company’s shares are sold short. Based on an average daily trading volume, of 13,050,000 shares, the short-interest ratio is currently 9.1 days.

ChargePoint Price Performance

NYSE:CHPT opened at $1.13 on Tuesday. The stock has a market capitalization of $499.84 million, a PE ratio of -1.53 and a beta of 1.69. ChargePoint has a 1-year low of $1.05 and a 1-year high of $2.79. The firm has a fifty day simple moving average of $1.24 and a 200 day simple moving average of $1.53. The company has a current ratio of 1.94, a quick ratio of 1.32 and a debt-to-equity ratio of 1.65.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and issued a $3.00 target price on shares of ChargePoint in a research note on Wednesday, November 20th. JPMorgan Chase & Co. cut ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. Wolfe Research started coverage on ChargePoint in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Stifel Nicolaus cut their target price on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Finally, Evercore ISI decreased their price target on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.46.

Insider Activity at ChargePoint

In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of ChargePoint 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 transaction, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at approximately $515,586.72. The trade was a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock worth $135,295 in the last quarter. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

Large investors have recently added to or reduced their stakes in the company. 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 valued at $26,000 after purchasing an additional 5,770 shares during the period. Financial Advocates Investment Management bought a new position in ChargePoint during the third quarter worth about $29,000. Delap Wealth Advisory LLC acquired a new position in ChargePoint during the second quarter worth approximately $31,000. Perennial Investment Advisors LLC raised its stake in ChargePoint by 74.4% in the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after buying an additional 10,400 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of ChargePoint by 152.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock valued at $38,000 after buying an additional 15,358 shares during the last quarter. Institutional investors and hedge funds 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 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.