ChargePoint (NYSE:CHPT) Shares Down 6.1% on Analyst Downgrade

ChargePoint Holdings, Inc. (NYSE:CHPT) fell 6.1% during trading on Tuesday after UBS Group lowered their price target on the stock from $1.50 to $1.30. UBS Group currently has a neutral rating on the stock. ChargePoint traded as low as $1.30 and last traded at $1.32. 4,988,878 shares were traded during trading, a decline of 64% from the average session volume of 13,688,401 shares. The stock had previously closed at $1.40.

Several other equities analysts have also recently issued reports on CHPT. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Royal Bank of Canada dropped their price target on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a research note on Thursday, December 5th. Wolfe Research began coverage on shares of ChargePoint in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Benchmark reiterated a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. Finally, Evercore ISI dropped their price target on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.46.

Insider Buying and Selling

In related news, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. This trade represents a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Henrik Gerdes sold 26,288 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the sale, the chief accounting officer now owns 390,596 shares in the company, valued at $515,586.72. This trade represents 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 in the last 90 days. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. bought a new position in ChargePoint during the 2nd quarter valued at $13,007,000. Erste Asset Management GmbH bought a new position in shares of ChargePoint during the third quarter valued at approximately $2,570,000. AQR Capital Management LLC acquired a new stake in shares of ChargePoint during the 2nd quarter worth approximately $1,310,000. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of ChargePoint by 62.0% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after purchasing an additional 621,536 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in ChargePoint by 60.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock worth $1,960,000 after buying an additional 487,262 shares during the last quarter. Institutional investors and hedge funds own 37.77% of the company’s stock.

ChargePoint Price Performance

The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32. The stock has a market capitalization of $554.58 million, a price-to-earnings ratio of -1.74 and a beta of 1.69. The company has a 50-day simple moving average of $1.26 and a two-hundred day simple moving average of $1.55.

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.