ChargePoint (NYSE:CHPT) Shares Gap Up – Still a Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT) gapped up prior to trading on Friday . The stock had previously closed at $1.20, but opened at $1.25. ChargePoint shares last traded at $1.24, with a volume of 1,181,371 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Evercore ISI dropped their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Royal Bank of Canada dropped their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Thursday, September 5th. Stifel Nicolaus decreased their target price on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday. Benchmark reaffirmed a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research note on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered shares of ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.61.

ChargePoint Stock Performance

The firm has a market capitalization of $535.16 million, a price-to-earnings ratio of -1.25 and a beta of 1.70. The company has a 50-day moving average of $1.41 and a 200-day moving average of $1.62. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24.

ChargePoint (NYSE:CHPT) last issued its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The company had revenue of $108.54 million for the quarter, compared to analysts’ expectations of $114.15 million. On average, equities research analysts forecast that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the completion of the transaction, the chief accounting officer now directly owns 390,596 shares in the company, valued at $515,586.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ChargePoint news, 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 transaction of $34,700.16. Following the completion of the transaction, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at approximately $515,586.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the transaction, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,803 shares of company stock valued at $135,295 over the last quarter. Insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

A number of institutional investors and hedge funds have recently bought and sold shares of CHPT. First Trust Direct Indexing L.P. bought a new position in shares of ChargePoint in the first quarter valued at $92,000. Capstone Investment Advisors LLC acquired a new position in shares of ChargePoint in the 1st quarter worth $238,000. PDS Planning Inc acquired a new stake in shares of ChargePoint during the first quarter worth $31,000. SG Americas Securities LLC lifted its holdings in shares of ChargePoint by 51.6% during the first quarter. SG Americas Securities LLC now owns 109,240 shares of the company’s stock valued at $208,000 after purchasing an additional 37,180 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of ChargePoint by 23.2% in the 1st quarter. Swiss National Bank now owns 742,900 shares of the company’s stock valued at $1,412,000 after purchasing an additional 139,700 shares during the period. 37.77% of the stock is owned by institutional investors and hedge funds.

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.