ChargePoint Holdings, Inc. (NYSE:CHPT) Short Interest Down 8.4% in November

ChargePoint Holdings, Inc. (NYSE:CHPT) saw a large decline in short interest in November. As of November 30th, there was short interest totalling 118,780,000 shares, a decline of 8.4% from the November 15th total of 129,640,000 shares. Based on an average trading volume of 13,050,000 shares, the short-interest ratio is currently 9.1 days. Approximately 29.8% of the company’s stock are sold short.

Insiders Place Their Bets

In other news, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction dated 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 represents a 6.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mansi Khetani sold 23,409 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares in the company, valued at $1,146,263.40. This trade represents a 2.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,803 shares of company stock worth $135,295 in the last 90 days. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHPT. State Street Corp boosted its stake in shares of ChargePoint by 1.4% in the third quarter. State Street Corp now owns 10,297,421 shares of the company’s stock valued at $14,107,000 after buying an additional 142,767 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of ChargePoint by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after purchasing an additional 399,070 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of ChargePoint during the 2nd quarter worth $13,007,000. Charles Schwab Investment Management Inc. increased its holdings in shares of ChargePoint by 7.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock valued at $4,454,000 after purchasing an additional 219,426 shares in the last quarter. Finally, Stifel Financial Corp lifted its stake in shares of ChargePoint by 15.5% in the third quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock valued at $2,816,000 after purchasing an additional 275,653 shares during the period. Institutional investors and hedge funds own 37.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. The Goldman Sachs Group dropped their price target on ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research note on Friday, September 6th. Stifel Nicolaus reduced their price objective on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Wolfe Research initiated coverage on shares of ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Royal Bank of Canada reduced their price target 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. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, ChargePoint currently has a consensus rating of “Hold” and an average target price of $2.46.

ChargePoint Trading Down 3.4 %

Shares of ChargePoint stock opened at $1.15 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.94 and a debt-to-equity ratio of 1.65. The firm has a market cap of $508.69 million, a price-to-earnings ratio of -1.55 and a beta of 1.69. ChargePoint has a 52-week low of $1.05 and a 52-week high of $3.13. The company’s 50-day simple moving average is $1.25 and its 200-day simple moving average is $1.54.

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.