ChargePoint (NYSE:CHPT) Shares Gap Down – What’s Next?

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) gapped down prior to trading on Wednesday . The stock had previously closed at $1.39, but opened at $1.25. ChargePoint shares last traded at $1.23, with a volume of 4,183,189 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently commented on CHPT shares. UBS Group dropped their price target on ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Needham & Company LLC lowered their target price on ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Benchmark restated a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Thursday, September 5th. Royal Bank of Canada lowered their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Thursday, September 5th. Finally, The Goldman Sachs Group reduced their target price 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. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.61.

ChargePoint Stock Down 12.6 %

The firm has a market cap of $524.37 million, a PE ratio of -1.23 and a beta of 1.70. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24. The stock has a fifty day simple moving average of $1.40 and a two-hundred day simple moving average of $1.62.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, meeting the consensus estimate of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The company had revenue of $108.54 million during the quarter, compared to analysts’ expectations of $114.15 million. As a group, sell-side analysts expect that ChargePoint Holdings, Inc. will post -0.56 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the transaction, the chief executive officer now owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mansi Khetani sold 23,409 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the sale, the chief financial officer now owns 849,084 shares in the company, valued at $1,146,263.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,803 shares of company stock worth $135,295. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several institutional investors have recently modified their holdings of CHPT. Point72 Asset Management L.P. bought a new position in shares of ChargePoint during the 2nd quarter valued at $13,007,000. Vanguard Group Inc. grew its stake in shares of ChargePoint by 26.3% during the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after buying an additional 7,645,210 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of ChargePoint in the second quarter worth about $1,310,000. 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 acquiring an additional 621,536 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in ChargePoint by 60.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock valued at $1,960,000 after acquiring an additional 487,262 shares during the period. 37.77% of the stock is currently owned by institutional investors.

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.