ChargePoint (NYSE:CHPT) Shares Gap Down to $1.90

ChargePoint Holdings, Inc. (NYSE:CHPT) shares gapped down prior to trading on Thursday . The stock had previously closed at $1.90, but opened at $1.85. ChargePoint shares last traded at $1.90, with a volume of 1,662,655 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CHPT shares. HSBC assumed coverage on ChargePoint in a report on Monday, December 4th. They issued a “hold” rating and a $2.00 target price for the company. B. Riley lowered ChargePoint from a “buy” rating to a “neutral” rating and cut their price target for the stock from $5.00 to $2.50 in a report on Thursday, December 7th. Needham & Company LLC cut their price target on ChargePoint from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. Citigroup cut their price target on ChargePoint from $8.25 to $2.40 and set a “neutral” rating for the company in a report on Friday, December 8th. Finally, The Goldman Sachs Group cut their price target on ChargePoint from $2.50 to $2.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Fourteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $6.17.

ChargePoint Stock Performance

The company has a 50 day moving average price of $1.95 and a 200-day moving average price of $2.69. The company has a current ratio of 2.34, a quick ratio of 1.77 and a debt-to-equity ratio of 0.72. The company has a market cap of $802.40 million, a P/E ratio of -1.53 and a beta of 1.63.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.19) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The firm had revenue of $115.83 million for the quarter, compared to analyst estimates of $126.48 million. ChargePoint had a negative return on equity of 124.81% and a negative net margin of 90.32%. On average, equities analysts expect that ChargePoint Holdings, Inc. will post -0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Michael Linse sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $1.94, for a total value of $194,000.00. Following the completion of the transaction, the director now directly owns 1,209,867 shares in the company, valued at $2,347,141.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Richard Wilmer sold 25,376 shares of ChargePoint stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $47,453.12. Following the sale, the chief executive officer now directly owns 2,359,462 shares in the company, valued at approximately $4,412,193.94. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael Linse sold 100,000 shares of ChargePoint stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $1.94, for a total value of $194,000.00. Following the sale, the director now owns 1,209,867 shares in the company, valued at $2,347,141.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,846 shares of company stock valued at $296,562. 12.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CHPT. American International Group Inc. increased its position in ChargePoint by 30.0% in the second quarter. American International Group Inc. now owns 3,101 shares of the company’s stock worth $42,000 after buying an additional 716 shares in the last quarter. First Manhattan Co. increased its holdings in ChargePoint by 65.4% during the 1st quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock worth $61,000 after purchasing an additional 1,220 shares during the period. Boothbay Fund Management LLC lifted its stake in ChargePoint by 4.2% in the fourth quarter. Boothbay Fund Management LLC now owns 35,083 shares of the company’s stock worth $334,000 after acquiring an additional 1,406 shares during the period. Hsbc Holdings PLC raised its stake in shares of ChargePoint by 7.4% during the 1st quarter. Hsbc Holdings PLC now owns 23,208 shares of the company’s stock worth $463,000 after acquiring an additional 1,608 shares in the last quarter. Finally, Captrust Financial Advisors raised its stake in shares of ChargePoint by 12.5% during the 4th quarter. Captrust Financial Advisors now owns 14,554 shares of the company’s stock worth $139,000 after acquiring an additional 1,617 shares in the last quarter. Hedge funds and other institutional investors 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 United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.