ChargePoint (NYSE:CHPT) Shares Gap Up – Here’s Why

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) gapped up before the market opened on Friday . The stock had previously closed at $1.20, but opened at $1.25. ChargePoint shares last traded at $1.24, with a volume of 1,181,371 shares traded.

Analyst Ratings Changes

A number of analysts have weighed in on the company. JPMorgan Chase & Co. cut ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Royal Bank of Canada decreased their target price on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research note on Thursday, September 5th. 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 note on Wednesday. Wolfe Research started coverage on shares of ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, Capital One Financial raised shares of ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2.61.

ChargePoint Trading Up 4.2 %

The business’s 50-day simple moving average is $1.43 and its 200-day simple moving average is $1.62. The company has a market cap of $539.48 million, a price-to-earnings ratio of -1.25 and a beta of 1.69. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32.

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

Insiders Place Their Bets

In related news, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the transaction, the chief accounting officer now owns 390,596 shares in the company, valued at approximately $515,586.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of the business’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 transaction of $34,700.16. Following the completion of the sale, the chief accounting officer now directly owns 390,596 shares in the company, valued at $515,586.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the transaction, the chief financial officer now directly owns 849,084 shares in the company, valued at approximately $1,146,263.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 100,803 shares of company stock valued at $135,295. Company insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

Several large investors have recently bought and sold shares of the company. CIBC Asset Management Inc increased its position in shares of ChargePoint by 50.7% during the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after acquiring an additional 5,770 shares during the last quarter. Financial Advocates Investment Management acquired a new position in shares of ChargePoint in the 3rd quarter valued at approximately $29,000. CreativeOne Wealth LLC purchased a new position in shares of ChargePoint during the 1st quarter valued at approximately $30,000. PDS Planning Inc acquired a new stake in shares of ChargePoint during the first quarter worth approximately $31,000. Finally, Delap Wealth Advisory LLC bought a new stake in shares of ChargePoint in the second quarter worth $31,000. Institutional investors and hedge funds own 37.77% of the company’s stock.

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.