ChargePoint (NYSE:CHPT) Stock Price Down 8.5% After Insider Selling

ChargePoint Holdings, Inc. (NYSE:CHPT) fell 8.5% on Monday following insider selling activity. The stock traded as low as $1.12 and last traded at $1.14. 8,453,529 shares were traded during mid-day trading, a decline of 39% from the average session volume of 13,864,269 shares. The stock had previously closed at $1.24.

Specifically, CFO Mansi Khetani sold 22,038 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $25,123.32. Following the sale, the chief financial officer now owns 1,230,305 shares in the company, valued at approximately $1,402,547.70. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Henrik Gerdes sold 28,536 shares of ChargePoint stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $32,531.04. Following the completion of the transaction, the chief accounting officer now directly owns 362,060 shares in the company, valued at approximately $412,748.40. This trade represents a 7.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, insider Jagdeep Ca Singh sold 36,574 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $41,694.36. Following the completion of the transaction, the insider now owns 1,161,430 shares of the company’s stock, valued at approximately $1,324,030.20. This trade represents a 3.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Capital One Financial upgraded ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. Royal Bank of Canada reduced their price objective on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research note on Thursday, December 5th. The Goldman Sachs Group lowered their target price on ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research note on Friday, September 6th. JPMorgan Chase & Co. cut shares of ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Finally, Wolfe Research assumed coverage on shares of ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, ChargePoint presently has a consensus rating of “Hold” and a consensus price target of $2.46.

ChargePoint Trading Up 2.7 %

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.32 and a current ratio of 1.94. The company’s 50 day moving average price is $1.22 and its 200 day moving average price is $1.51. The company has a market cap of $513.12 million, a price-to-earnings ratio of -1.57 and a beta of 1.69.

Hedge Funds Weigh In On ChargePoint

Institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of ChargePoint by 1.4% during the 3rd quarter. State Street Corp now owns 10,297,421 shares of the company’s stock worth $14,107,000 after acquiring an additional 142,767 shares in the last quarter. Geode Capital Management LLC boosted its position in ChargePoint by 4.6% during the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after purchasing an additional 399,070 shares during the period. Point72 Asset Management L.P. acquired a new position in ChargePoint during the second quarter valued at approximately $13,007,000. Charles Schwab Investment Management Inc. raised its position in shares of ChargePoint by 7.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock valued at $4,454,000 after purchasing an additional 219,426 shares during the period. Finally, Stifel Financial Corp lifted its stake in shares of ChargePoint by 15.5% in the third quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock worth $2,816,000 after buying an additional 275,653 shares during the last quarter. 37.77% of the stock is currently owned by institutional investors.

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.