ChargePoint Holdings, Inc. (NYSE:CHPT) Sees Large Decline in Short Interest

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

Insider Transactions at ChargePoint

In related news, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the transaction, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. The trade was a 2.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the transaction, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at $515,586.72. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 100,803 shares of company stock valued at $135,295 in the last 90 days. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ChargePoint

A number of large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new position in ChargePoint in the second quarter valued at about $13,007,000. Erste Asset Management GmbH acquired a new position in shares of ChargePoint in the 3rd quarter valued at approximately $2,570,000. AQR Capital Management LLC purchased a new position in shares of ChargePoint during the 2nd quarter valued at approximately $1,310,000. Skandinaviska Enskilda Banken AB publ grew its position in shares of ChargePoint by 62.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after buying an additional 621,536 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of ChargePoint by 60.1% in the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock worth $1,960,000 after buying an additional 487,262 shares during the last quarter. 37.77% of the stock is owned by institutional investors and hedge funds.

ChargePoint Stock Performance

Shares of CHPT stock opened at $1.15 on Wednesday. The company has a current ratio of 1.94, a quick ratio of 1.32 and a debt-to-equity ratio of 1.65. ChargePoint has a 52 week low of $1.05 and a 52 week high of $2.79. The company has a market cap of $508.69 million, a PE ratio of -1.55 and a beta of 1.69. The company’s fifty day simple moving average is $1.23 and its 200-day simple moving average is $1.53.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CHPT shares. Wolfe Research initiated coverage on shares of ChargePoint in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Stifel Nicolaus reduced their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. The Goldman Sachs Group lowered their price target on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research note on Friday, September 6th. Capital One Financial raised ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.46.

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.