Point72 Asset Management L.P. Purchases New Shares in ChargePoint Holdings, Inc. (NYSE:CHPT)

Point72 Asset Management L.P. acquired a new position in shares of ChargePoint Holdings, Inc. (NYSE:CHPT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,613,770 shares of the company’s stock, valued at approximately $13,007,000. Point72 Asset Management L.P. owned about 2.03% of ChargePoint at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Creative Planning grew its stake in ChargePoint by 152.3% in the 2nd quarter. Creative Planning now owns 188,363 shares of the company’s stock valued at $284,000 after purchasing an additional 113,699 shares during the period. Algert Global LLC purchased a new stake in ChargePoint during the second quarter worth about $58,000. The Manufacturers Life Insurance Company bought a new stake in ChargePoint in the second quarter worth about $231,000. AQR Capital Management LLC purchased a new position in ChargePoint in the second quarter valued at about $1,310,000. Finally, Point72 DIFC Ltd grew its position in shares of ChargePoint by 1,277.5% during the 2nd quarter. Point72 DIFC Ltd now owns 135,326 shares of the company’s stock valued at $204,000 after acquiring an additional 125,502 shares during the period. Institutional investors own 37.77% of the company’s stock.

ChargePoint Stock Performance

NYSE CHPT opened at $1.37 on Tuesday. The stock’s 50-day simple moving average is $1.69 and its two-hundred day simple moving average is $1.69. ChargePoint Holdings, Inc. has a twelve month low of $1.21 and a twelve month high of $5.00. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $580.00 million, a price-to-earnings ratio of -1.16 and a beta of 1.70.

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

Insider Activity

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the transaction, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the business’s stock in a transaction dated 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 $1,146,263.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard Wilmer sold 27,252 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at approximately $3,111,060.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,515 shares of company stock valued at $100,595. Insiders own 3.50% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on CHPT. B. Riley raised shares of ChargePoint to a “hold” rating in a report on Tuesday, June 25th. Needham & Company LLC decreased their price objective on ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Evercore ISI dropped their price objective on shares of 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 reduced their target price on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research note on Thursday, September 5th. Finally, TD Cowen downgraded shares of ChargePoint from a “buy” rating to a “hold” rating and cut their price objective for the stock from $3.00 to $2.00 in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $3.39.

ChargePoint Company Profile

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.