ChargePoint (NYSE:CHPT) Shares Gap Up to $1.29

ChargePoint Holdings, Inc. (NYSE:CHPT) gapped up prior to trading on Wednesday . The stock had previously closed at $1.29, but opened at $1.34. ChargePoint shares last traded at $1.38, with a volume of 4,313,510 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have commented on CHPT shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 target price (down previously from $3.50) on shares of ChargePoint in a report on Wednesday, March 6th. The Goldman Sachs Group reissued a “sell” rating and issued a $1.50 target price (down previously from $2.00) on shares of ChargePoint in a research report on Tuesday, April 9th. B. Riley raised shares of ChargePoint to a “hold” rating in a report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a report on Thursday, June 6th. Finally, DA Davidson restated a “buy” rating and issued a $4.00 target price on shares of ChargePoint in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.96.

ChargePoint Trading Up 8.9 %

The stock has a 50-day moving average price of $1.62 and a two-hundred day moving average price of $1.87. The stock has a market capitalization of $645.62 million, a PE ratio of -1.29 and a beta of 1.74. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13.

Insiders Place Their Bets

In other news, CEO Richard Wilmer sold 27,722 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $1.40, for a total transaction of $38,810.80. Following the sale, the chief executive officer now directly owns 2,331,740 shares in the company, valued at approximately $3,264,436. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Richard Wilmer sold 27,722 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $1.40, for a total value of $38,810.80. Following the completion of the transaction, the chief executive officer now owns 2,331,740 shares of the company’s stock, valued at $3,264,436. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Henrik Gerdes sold 43,596 shares of ChargePoint stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total value of $65,394.00. Following the sale, the chief accounting officer now directly owns 438,004 shares in the company, valued at approximately $657,006. The disclosure for this sale can be found here. Insiders sold a total of 95,099 shares of company stock worth $137,498 over the last three months. 3.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ChargePoint

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in ChargePoint by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 29,162,249 shares of the company’s stock worth $144,936,000 after purchasing an additional 3,325,694 shares in the last quarter. Ingalls & Snyder LLC bought a new position in ChargePoint during the fourth quarter valued at approximately $33,000. Wellington Management Group LLP grew its holdings in ChargePoint by 418.2% during the 3rd quarter. Wellington Management Group LLP now owns 2,522,247 shares of the company’s stock valued at $12,536,000 after buying an additional 2,035,496 shares in the last quarter. M&T Bank Corp increased its stake in ChargePoint by 484.7% in the 4th quarter. M&T Bank Corp now owns 73,396 shares of the company’s stock worth $172,000 after acquiring an additional 60,843 shares during the last quarter. Finally, Kestra Advisory Services LLC increased its stake in ChargePoint by 160.8% in the 3rd quarter. Kestra Advisory Services LLC now owns 111,982 shares of the company’s stock worth $557,000 after acquiring an additional 69,044 shares during the last quarter. Institutional investors own 37.77% of the company’s stock.

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.