ChargePoint (NYSE:CHPT) Stock Price Up 8.4% – Here’s What Happened

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price traded up 8.4% during mid-day trading on Thursday . The stock traded as high as $1.17 and last traded at $1.16. 6,582,811 shares were traded during trading, a decline of 53% from the average session volume of 14,061,513 shares. The stock had previously closed at $1.07.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CHPT shares. UBS Group lowered their price target on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating for the company in a report on Tuesday, December 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Benchmark reissued a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research note on Wednesday, November 20th. Capital One Financial raised ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Finally, Stifel Nicolaus reduced their target price on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2.46.

ChargePoint Trading Up 3.6 %

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.32 and a current ratio of 1.94. The company has a market capitalization of $513.12 million, a PE ratio of -1.57 and a beta of 1.69. The business has a fifty day moving average price of $1.19 and a 200 day moving average price of $1.48.

Insider Activity at ChargePoint

In other news, insider Jagdeep Ca Singh sold 36,574 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $41,694.36. Following the completion of the sale, the insider now owns 1,161,430 shares in the company, valued at approximately $1,324,030.20. This trade represents a 3.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Henrik Gerdes sold 28,536 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $32,531.04. Following the transaction, the chief accounting officer now directly owns 362,060 shares in the company, valued at $412,748.40. This trade represents a 7.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,436 shares of company stock worth $134,049. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CHPT. CIBC Asset Management Inc boosted its holdings in ChargePoint by 50.7% in the second 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 last quarter. Delap Wealth Advisory LLC purchased a new position in shares of ChargePoint during the 2nd quarter valued at approximately $31,000. Financial Advocates Investment Management purchased a new position in shares of ChargePoint during the 3rd quarter valued at approximately $29,000. Perennial Investment Advisors LLC grew its position 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 worth $37,000 after buying an additional 10,400 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in 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 acquiring an additional 15,358 shares in the last quarter. 37.77% of the stock is currently owned by hedge funds and other 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.