Sanctuary Advisors LLC Trims Position in ChargePoint Holdings, Inc. (NYSE:CHPT)

Sanctuary Advisors LLC reduced its holdings in ChargePoint Holdings, Inc. (NYSE:CHPT) by 33.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,406 shares of the company’s stock after selling 31,011 shares during the period. Sanctuary Advisors LLC’s holdings in ChargePoint were worth $83,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in shares of ChargePoint in the second quarter worth about $13,007,000. AQR Capital Management LLC purchased a new stake in ChargePoint in the 2nd quarter worth approximately $1,310,000. Creative Planning grew its stake in shares of ChargePoint by 8.8% during the 3rd quarter. Creative Planning now owns 205,008 shares of the company’s stock worth $281,000 after purchasing an additional 16,645 shares during the period. Erste Asset Management GmbH purchased a new position in shares of ChargePoint during the 3rd quarter valued at approximately $2,570,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake 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 valued at $2,452,000 after purchasing an additional 621,536 shares during the period. Institutional investors and hedge funds own 37.77% of the company’s stock.

ChargePoint Stock Down 2.6 %

Shares of NYSE:CHPT opened at $1.11 on Tuesday. ChargePoint Holdings, Inc. has a 52-week low of $1.05 and a 52-week high of $2.44. 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 business has a fifty day moving average of $1.21 and a two-hundred day moving average of $1.49. The stock has a market cap of $491.00 million, a P/E ratio of -1.50 and a beta of 1.69.

Insider Activity at ChargePoint

In other news, CFO Mansi Khetani sold 22,038 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $25,123.32. Following the completion of the transaction, the chief financial officer now directly owns 1,230,305 shares in the company, valued at approximately $1,402,547.70. This represents a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jagdeep Ca Singh sold 36,574 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $41,694.36. Following the completion of the sale, the insider now owns 1,161,430 shares in the company, valued at approximately $1,324,030.20. This trade represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,436 shares of company stock valued at $134,049. 3.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CHPT has been the topic of several analyst reports. Stifel Nicolaus dropped their price target on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Royal Bank of Canada reduced their price target on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a report on Thursday, December 5th. UBS Group lowered their price target on ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research report on Tuesday, December 10th. TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and reduced their target price for the stock from $3.00 to $2.00 in a research note on Thursday, September 5th. Finally, Evercore ISI dropped their price target on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, September 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.46.

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.