Principal Financial Group Inc. Decreases Stock Position in ChargePoint Holdings, Inc. (NYSE:CHPT)

Principal Financial Group Inc. reduced its position in ChargePoint Holdings, Inc. (NYSE:CHPT) by 27.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 33,309 shares of the company’s stock after selling 12,733 shares during the period. Principal Financial Group Inc.’s holdings in ChargePoint were worth $46,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. CIBC Asset Management Inc increased its position in shares of ChargePoint by 50.7% during the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after buying an additional 5,770 shares during the period. Hsbc Holdings PLC boosted its position in shares of ChargePoint by 41.4% during the 2nd quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock valued at $39,000 after acquiring an additional 7,723 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in ChargePoint by 6.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock worth $259,000 after buying an additional 7,838 shares in the last quarter. PFG Investments LLC grew its position in ChargePoint by 32.2% in the second quarter. PFG Investments LLC now owns 34,102 shares of the company’s stock worth $51,000 after acquiring an additional 8,297 shares in the last quarter. Finally, Perennial Investment Advisors LLC boosted 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 worth $37,000 after buying an additional 10,400 shares in the last quarter. 37.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of the business’s stock in a transaction 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 position. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock worth $135,295 over the last 90 days. Corporate insiders own 3.50% of the company’s stock.

ChargePoint Price Performance

Shares of ChargePoint stock opened at $1.15 on Wednesday. The stock’s fifty day moving average is $1.29 and its 200 day moving average is $1.59. The stock has a market cap of $494.16 million, a P/E ratio of -1.16 and a beta of 1.70. ChargePoint Holdings, Inc. has a one year low of $1.05 and a one year high of $3.13. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, meeting the consensus estimate of ($0.15). ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. The business had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. Sell-side analysts anticipate that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Royal Bank of Canada reduced their price objective on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Thursday, September 5th. Evercore ISI decreased their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. The Goldman Sachs Group lowered their price objective on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a report on Friday, September 6th. JPMorgan Chase & Co. cut ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Finally, UBS Group dropped their target price on shares of ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.47.

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.