ChargePoint (NYSE:CHPT) Shares Down 5.3%

ChargePoint Holdings, Inc. (NYSE:CHPT)’s stock price fell 5.3% on Tuesday . The stock traded as low as $1.78 and last traded at $1.78. 3,846,868 shares traded hands during trading, a decline of 73% from the average session volume of 14,041,834 shares. The stock had previously closed at $1.88.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. TD Cowen reduced their target price on shares of ChargePoint from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, June 6th. Needham & Company LLC reissued a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research note on Thursday, June 6th. B. Riley upgraded shares of ChargePoint to a “hold” rating in a research report on Tuesday, June 25th. Finally, Benchmark dropped their price objective on ChargePoint from $4.25 to $3.00 and set a “buy” rating on the stock in a report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $4.88.

ChargePoint Trading Down 5.7 %

The company has a 50-day simple moving average of $1.80 and a 200 day simple moving average of $1.79. The company has a market capitalization of $770.52 million, a P/E ratio of -1.54 and a beta of 1.71. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13.

ChargePoint (NYSE:CHPT) last released its earnings results on Wednesday, June 5th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.03. ChargePoint had a negative net margin of 93.05% and a negative return on equity of 127.18%. The business had revenue of $107.04 million during the quarter, compared to analysts’ expectations of $106.09 million. Sell-side analysts expect that ChargePoint Holdings, Inc. will post -0.53 earnings per share for the current year.

Insider Activity

In other news, CAO Henrik Gerdes sold 43,596 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total value of $65,394.00. Following the sale, the chief accounting officer now directly owns 438,004 shares in the company, valued at approximately $657,006. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Richard Wilmer sold 27,722 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $38,810.80. Following the completion of the sale, the chief executive officer now directly owns 2,331,740 shares of the company’s stock, valued at approximately $3,264,436. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Henrik Gerdes sold 43,596 shares of ChargePoint stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $1.50, for a total value of $65,394.00. Following the completion of the transaction, the chief accounting officer now directly owns 438,004 shares of the company’s stock, valued at $657,006. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,099 shares of company stock worth $137,498. 3.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ChargePoint

Large investors have recently modified their holdings of the stock. Sigma Planning Corp bought a new position in ChargePoint in the fourth quarter valued at approximately $33,000. RWA Wealth Partners LLC bought a new stake in ChargePoint during the fourth quarter worth about $31,000. Core Wealth Management Inc. raised its stake in shares of ChargePoint by 46.8% during the 4th quarter. Core Wealth Management Inc. now owns 20,015 shares of the company’s stock worth $47,000 after purchasing an additional 6,380 shares in the last quarter. MGO Private Wealth LLC bought a new stake in ChargePoint during the fourth quarter worth $36,000. Finally, Victory Capital Management Inc. raised its holdings in shares of ChargePoint by 30.9% in the 4th quarter. Victory Capital Management Inc. now owns 38,112 shares of the company’s stock valued at $89,000 after purchasing an additional 8,992 shares during the period. 37.77% of the stock is currently owned by institutional investors and hedge funds.

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.