Franklin Resources Inc. Takes $117,000 Position in ChargePoint Holdings, Inc. (NYSE:CHPT)

Franklin Resources Inc. bought a new position in shares of ChargePoint Holdings, Inc. (NYSE:CHPT) in the third quarter, according to the company in its most recent filing with the SEC. The firm bought 88,282 shares of the company’s stock, valued at approximately $117,000.

Several other institutional investors have also recently added to or reduced their stakes in CHPT. Point72 Asset Management L.P. bought a new position in shares of ChargePoint in the second quarter valued at approximately $13,007,000. Geode Capital Management LLC raised its position in ChargePoint by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock valued at $12,432,000 after purchasing an additional 399,070 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in ChargePoint in the second quarter worth $138,000. AQR Capital Management LLC bought a new stake in shares of ChargePoint during the second quarter worth $1,310,000. Finally, Creative Planning increased its stake in shares of ChargePoint by 8.8% in the third quarter. Creative Planning now owns 205,008 shares of the company’s stock valued at $281,000 after buying an additional 16,645 shares in the last quarter. 37.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CHPT shares. Benchmark reiterated a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Wednesday, November 20th. Wolfe Research started coverage on shares of ChargePoint in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. The Goldman Sachs Group dropped their price objective on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research report on Friday, September 6th. Capital One Financial upgraded ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. downgraded ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. Two equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.46.

Insider Activity at ChargePoint

In related news, CFO Mansi Khetani sold 22,038 shares of the stock in a transaction on Monday, December 23rd. The shares were 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 owns 1,230,305 shares in the company, valued at approximately $1,402,547.70. This represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the completion of the transaction, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at approximately $515,586.72. This represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,436 shares of company stock worth $134,049. 3.50% of the stock is currently owned by company insiders.

ChargePoint Stock Performance

Shares of CHPT stock opened at $1.12 on Friday. The stock has a market cap of $495.42 million, a PE ratio of -1.51 and a beta of 1.69. The stock has a 50-day moving average of $1.19 and a 200-day moving average of $1.48. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.32. ChargePoint Holdings, Inc. has a one year low of $1.05 and a one year high of $2.44.

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.