ChargePoint (NYSE:CHPT) Trading Up 2.5% – Still a Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT)’s stock price rose 2.5% during mid-day trading on Friday . The stock traded as high as $1.22 and last traded at $1.21. Approximately 2,852,486 shares changed hands during trading, a decline of 79% from the average daily volume of 13,881,452 shares. The stock had previously closed at $1.18.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CHPT. TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and dropped their price objective for the company from $3.00 to $2.00 in a report on Thursday, September 5th. JPMorgan Chase & Co. cut shares of ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Royal Bank of Canada reduced their price objective on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research report on Thursday, December 5th. UBS Group cut their price target on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Finally, Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.46.

ChargePoint Stock Down 3.4 %

The business has a 50-day simple moving average of $1.21 and a two-hundred day simple moving average of $1.50. The company has a market capitalization of $504.27 million, a price-to-earnings ratio of -1.54 and a beta of 1.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.32 and a current ratio of 1.94.

Insider Transactions at ChargePoint

In related news, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction that occurred 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 directly owns 390,596 shares in the company, valued at $515,586.72. The trade was a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mansi Khetani sold 22,038 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $25,123.32. Following the transaction, the chief financial officer now directly owns 1,230,305 shares in the company, valued at $1,402,547.70. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,436 shares of company stock worth $134,049 over the last 90 days. 3.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc boosted its position in ChargePoint by 50.7% during the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after purchasing an additional 5,770 shares in the last quarter. Financial Advocates Investment Management purchased a new stake in shares of ChargePoint in the 3rd quarter worth about $29,000. Delap Wealth Advisory LLC purchased a new stake in shares of ChargePoint in the 2nd quarter worth about $31,000. Perennial Investment Advisors LLC increased its holdings in ChargePoint by 74.4% during the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after acquiring an additional 10,400 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its position in ChargePoint by 152.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock worth $38,000 after acquiring an additional 15,358 shares during the last quarter. 37.77% of the stock is owned by hedge funds and other institutional investors.

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.